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Stewardship theory is a theory that managers, left on their own, will act as responsible stewards of the assets and resources they control. [ citation needed ] Stewardship theorists assume that given a choice between self-serving behavior and pro-organizational behavior, a steward will place higher value on cooperation than defection.
Mental accounting incorporates the economic concepts of prospect theory and transactional utility theory to evaluate how people create distinctions between their financial resources in the form of mental accounts, which in turn impacts the buyer decision process and reaction to economic outcomes.
Ownership can exist in decisions that involve financial programs and services, such as the Social Security program and investments. The American Social Security Administration program was set up by President Franklin D. Roosevelt in 1935. [42] The way it was structured was such that the workers’ contributions, exclusively, would fund it.
Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. [ 3 ] [ 4 ] Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as Adam Smith , who deliberated how the economic behavior of individuals could be influenced by ...
The Elliott wave principle, or Elliott wave theory, is a form of technical analysis that helps financial traders analyze market cycles and forecast market trends by identifying extremes in investor psychology and price levels, such as highs and lows, by looking for patterns in prices.
Psychology is the scientific study of mind and behavior. [1] [2] Its subject matter includes the behavior of humans and nonhumans, both conscious and unconscious phenomena, and mental processes such as thoughts, feelings, and motives. Psychology is an academic discipline of immense scope, crossing the boundaries between the natural and social ...
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Financial literacy is an ability to effectively manage the economic well-being of individuals with knowledge and financial skills. [12] The Government Accountability Office definition (2010) is "the ability to make informed judgments and to take effective actions regarding the current and future use and management of money.