Abstract
Behavioural economics is a thriving field that offers descriptive models of human decision-making that deviate from the standard model of decision-making in economics. This article presents insights from behavioural economics that can help address dynamic inconsistency, that is, time-inconsistency problems of employees and inform incentive design strategies. The author argues that lessons from behavioural economics can be applied to design solutions that can transform HR practices. HR managers and leaders stand to benefit from the emerging evidence from the lab and field in behavioural economics that calls for a rethinking of the conventional understanding of human behaviour.
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