Simon Kuznets Econ 490 fall 2019

In real life, principal-agent model is more like a triangle than bilateral and I can think of one example that I was involved in a triangle. Currently, I am working as an consultant/intern at the consulting company and there are project director(representative of the consulting firm), 2 program managers, and the client for the project. Each of them have different interests, goals, and thinkings toward their works and I thought that this example might be a good one to explain any problem in a triangle-form principal-agent model.  For project director, his goal would be manage that project is going well without any problem and result has to be perfect. Since the director gives consulting project presentation to the head of the client, program director will need project to be errorless, in time, accurate, and critical. Therefore, our team worked very hard (we reduced sleep and worked) to meet the deadline and make a perfect result. Because of his goal, team managers and interns have some

When you are involved in a group, it is pretty common that you face some conflicts or situations that you have to deal with. Group dynamics may sound simple theoretically , but in reality, it is hard to cooperate each other without having any trouble. People feel and think differently and I think people's way of thinking and acting make conflicts in a group. To give out one example, I wrote about my experience of facing a conflict in a group. This semester, I am working as an intern/consultant of the company based in Chicago. Our job is to provide business consulting to real client and we have divided our teams into two groups. Each team has 3 consultants and 1 project manager and there is Program manager who are in charge of taking care of the overall intern program and project. Each team are given different business consulting jobs and our team was given a business consulting of video editing company. I will name consultants in my team Tom and Allie. Allie, Tom, and I would har

There are various ways to discipline people, or person, and based on my experience, punishment was not the way that I experienced to discipline people for rehabilitation. I know I have talked a lot about RSO that I am involved in 'Kojobs', but I want to pull up as an example again because I think the incident we just confronted and is undergoing can be related to this week's prompt. Recently, there was i ntercollegiate  KOJOBS meeting at Los Angeles, and 3 executives from Illini Kojobs went there. (I did not have a chance to go) Kojobs founder came all the way to Los Angeles from South Korea to have a meeting about holding the KOJOBS job conference, and KOJOBS executives from various universities, including UCLA, UC Berkeley, UCSD, gathered to discuss about how they will organize the conference. Also, they all discussed about how they are managing or running Kojobs at each university, and all UC Kojobs said they are holding several companies' presentations or meeting wi

After reading three articles, I think all three articles are trying to explain and demonstrate that every people are caring towards each other. But when there is an increase in competition(demand) and decrease in supply, one tends to think in one's shoes and try to satisfy one's own desires. Human being's nature is to protect oneself and earn benefit by caring and helping out others. I found all three articles interesting and I could relate various concepts such as altruism and fairness in articles to my experiences. Altruism by definition is the unselfish acts to better the well-being of others disregarding the well-being of self. Altruism, gift exchange is voluntary act because people do not expect anything in return but do a favor for others. One of experiences that I could relate to altruism is my experience with TACS team. TACS (Tax Advisors for Champaign Society) is a volunteer team which helps people to report taxes. TACS is the registered student organization with

We all want to optimize our returns but most people may be are taking risks at the same time. It is best to aware of the relationship between income risk and monetary return. By managing our risks, we can prepare better for unpredictable situations we may face. I don't think risk is a bad thing as long as it is controlled. Everyone learn and grow by facing and solve risks intelligently. If you know yourself, keep your skills up-to-date, and always work hard to develop yourself, you will be able to seize the opportunity to maximize your potential along with financial status. Of course, I don't have any idea which job I will get, how much I will earn, and what other conditions might impact my future career. However, I want to talk about how I am managing my risk and preparing my future path. The time I was deciding what major I should study, I had a research on what majors are out there and what jobs or industries I can go with those specific jobs. I wanted to study that is in

Looking back on blog posts I have written for few weeks, I realized that each post's subjects are different and each of them deal with different subjects. First post was related to transaction costs in organizations while the second was talking about opportunism. The topics to each blog post assignments were not mutually related and I learned different aspects from each topic. For the first post, I wrote about my organization experiences being related to transaction costs by realizing the importance of interview process and encouraging people to secure funds for the RSO. Followed by the first post, I wrote about dilemma I faced while I was applying for colleges. I was given an offer of scholarship from certain college, but I wanted to go to U of I to have better statistics program, which is better outcome for me. In this example, I faced transaction costs in choosing which college to attend, but in another sense, it is a form of opportunism because I didn't choose college that