Vincent Mak: People often make decisions out a sense of perceived ‘unfairness’ even if the decision is not to their benefit. For example, an employee who is extensively trained by a company will often forget about that five years later when it comes to salary discussions – and demand the market rate without any regard for the significant training cost incurred by the firm. Findings and implicationsĭominique Lauga and Vincent Mak discuss some of the study’s findings and implications:ĭominique Lauga: The study is based around the fact that, in many business contexts, people focus only on what they perceive as fairness in the moment rather than fairness within the overall history of a situation. Tech and environmental investment could be held backĮxamples of this different hold-up problem might include an employer refraining from tech investment due to concerns employees might later demand a “fair” share of the firm’s increased value, or, in environmental matters, less developed nations being reluctant to invest in green technologies out of fear that developed nations would seek distributional fairness in sharing the cost of carbon offset. This new look at the hold-up problem – highlighting “a potential conflict between demand for distributional fairness and positive reciprocity” – is outlined in a study published in the journal Theory and Decision. Put simply, the study highlights how people’s sense of (un)fairness often focuses only on the moment rather than a situation’s broader history, and that people’s concerns about unfairness can prompt them to react in ways that are not even in their own self-interest. However, a new study co-authored by two faculty members at Cambridge Judge Business School and a PhD graduate of the School, offers a starkly opposite possibility: that fairness concerns can also induce a hold-up problem which would not occur if parties are purely self-interested but could occur if they care about fairness post-negotiation. People focus only on the moment in (un)fairness This concern over unfairness often results in underinvestment and inefficiencies, and has been the subject of much research over the years. The legal department handles litigation, investigations, and legislative affairs, and oversees a compliance program across all of our business lines and offices.The ‘hold-up problem’ in business: new study co-authored at Cambridge Judge Business School highlights how concerns about fairness thwart beneficial reciprocity.Ī common dilemma facing investors is whether a partner receiving an investment will receive most of the gains flowing from the investment, leaving the investor with no benefits – which is known as the hold-up problem. Our intellectual property lawyers maintain and protect the company’s worldwide portfolio of trademarks and copyrights. Our deal lawyers negotiate and advise on the structuring of business arrangements with counterparties in a variety of areas, including television, digital media, sponsorship, consumer products, gaming, and events. League transactional lawyers administer policies governing the transfer and relocation of teams, the approval of new arenas, and the regulation of team ownership and debt. For both of these leagues and the NBA G League, the department provides advice on the structuring of player contracts, trades, disciplinary matters, and playing rules issues. For the NBA and WNBA, the department assists in the negotiation and administration of collective bargaining agreements with players, including the salary cap system, the anti-drug program, and the grievance/arbitration process. The legal department provides advice and counsel with respect to all of the company’s activities and businesses on a global basis. The team is also responsible for guiding supplier diversity and inclusion learning efforts. HIRING MANAGER OF VENTURE FORTHE INC. FULLThe team is focused on ensuring that the NBA continues to have a diverse and inclusive mix of talent at all levels globally and that the full capacity of that talent is being leveraged. The Diversity and Inclusion (D&I) team provides strategic guidance and serves as a catalyst for league-wide D&I strategies. The Risk Management and Insurance team utilizes various risk transfer mechanisms, such as insurance, and proactively identifies and minimizes risk to help to protect the NBA’s human, financial and physical assets. Administration also manages mail, duplication, messenger, office supply, and catering services. The Facilities team ensures that the work environment is functional and well-maintained, and is responsible for office renovation design, overseeing equipment repairs and maintenance, and acting as the liaison between the league office and property management. HIRING MANAGER OF VENTURE FORTHE INC. PROFESSIONALAdministration oversees a range of operational and professional services for the NBA, WNBA, NBA G League and NBA 2K League.
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