Ronald Coase Econ 490 fall 2017

As I mentioned in the last few posts, a successful organization has to deal with goals, rules and participants. From the perspective of the organization, participants are one of uncertainties that the company can control with reasonable goals, well-defined rules. In short, good management can help companies to solve uncertainties in certain situations. What about individuals? How do a manager or an employee deal with uncertainties? In this post, I want to talk about what actions can an individual (me) take to lower uncertainties or risks. Based on the prompt given by Professor, the situation is that I am going to graduate and what will I do to reduce my uncertainty in job market. Let me begin from discussing my major, Economics, which is really not a risk-averse major. When I was going to graduate from my college, I talked to some of my professors that I’d like to purse my graduate degree so I can enhance my understanding of Economics and know more about how to apply economic know

 A brief review to recap what I wrote previously. My first post is “Boot Camp Organization”, which is about my experience in Army and how Army could be related to organization operations. The second post, “Discussion About Opportunism”, is about how selfish person act to maximize their own profits regardless others, which may cause reduction on community’s welfare. “Knock Knock Housekeeping” is the third post talking about my experience as a crew leader in housekeeping department. The fourth post is about a hypothetical scenario which illustrates how the Illinibucks Program works. After reviewing those posts, I found it is quite easy to follow the logic. All posts have some relationships with organizations and discuss few critical components which companies should have. These components are goals, rules, and participants. I will explain them respectively below. Firstly, a good organization must have clear goals which are known by all managers or employees. In my first post, th

Let’s say, the university has clear purposes on issuing Illinibucks. One goal could be solving unfair issues happened on campus, such as some undergraduate students spend four years trying to register for popular courses but still can’t get one. Also, the campus is running this Illinibucks program to bring students better academic experience instead of doing some weird things that normal universities wouldn’t do, such as holding football game one Friday or having unofficial St. Patrick Day on campus. The school realizes these problems are severe and makes its mind up to maximize students’ welfare prior to maximize its own profit. Without these proper purposes, there is no reason that the university wants to circulate Illinibucks, and students wouldn’t bother to give Illinibucks a try. Few problems that administrators want to solve by issuing Illinibucks. Firstly, administrators hope that limited course spots are taken by students who are most willing to take those courses. To solv