Tipping is an important economic phenomenon, involving about $47 billion a year in the US food industry alone, and trillions of dollars across different occupations and countries over the years. Moreover, tipping is a major source of income for millions of workers. This article discusses the implications of tipping for business strategy in the relevant industries. For example, firms can choose to impose a compulsory service charge in lieu of tipping - what are the advantages and disadvantages of doing so? How does tipping change the profit-maximizing level of investing in screening job applicants, training workers, monitoring them, and providing performance-based incentives by the firm? Can industries such as the music industry use tips (i.e., prices being voluntary and determined by the customers) as an alternative business model?

The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions. Traditional economic theories speculate how and when people should spend money. But consumers don't always behave as expected and often adopt strategies that might appear unorthodox yet are, at times, more effective than the rule prescribed by conventional wisdom. This groundbreaking text examines the ways in which people make financial decisions, whether it is because they are smart but atypical in their choices ... or just irrational decision makers. A leading authority on behavioral economics, Morris Altman and more than 150 expert contributors delve into key concepts in behavioral economics, economic psychology, behavioral finance, neuroeconomics, experimental economics, and institutional economics to help inform economic models based on reality, not theory. Through 250 informative entries, the book explores various aspects of the subject including decision making, economic analysis, and public policy. In addition to introducing concepts to readers new to the subject, the book sheds light on more advanced financial topics in a manner that is objective, comprehensive, and accessible.

"Demographic and technological trends have yielded new forms of work that are increasingly more precarious, globalized, and brand centered. Some of these shifts have led to a marked decrease in the visibility of work or workers. This edited collection examines situations in which technology and employment practices hide labor within the formal paid labor market, with implications for workplace activism, social policy, and law. In some cases, technological platforms, space, and temporality hide workers and sometimes obscure their tasks as well. In other situations, workers may be highly visible--indeed, the employer may rely upon the workers' aesthetics to market the branded product--but their aesthetic labor is not seen as work. In still other cases, the work occurs within a social interaction and appears as leisure--a voluntary or chosen activity--rather than as work. Alternatively, the workers themselves may be conceptualized as consumers rather than as workers. Crossing the occupational hierarchy and spectrum from high- to low-waged work, from professional to manual labor, and from production to service labor, the authors argue for a broader understanding of labor in the contemporary era. This book adopts an interdisciplinary approach that integrates perspectives from law, sociology, and industrial/labor relations"--Provided by publisher.

Tipping is an important phenomenon, both because of its economic magnitude and because of the insights it suggests about economic behavior in general. It is closely related to several areas in economics, including labor economics, industrial organization, behavioral economics and public policy. Most economists, however, are not familiar with the scholarly research about tipping. The paper provides an opportunity to learn about the research on this fascinating subject, by summarizing and synthesizing both the theoretical and the empirical literature, and suggesting many original ideas, as well as promising topics for future research.

This book provides a solid empirical portrait based on the complexities of demographic components of population change. It describes recent innovations, trends, challenges and solutions to population change and public policy issues, such as but not limited to immigration, gender discrimination in the labor market, student housing, teen pregnancy programs, smoking and alcohol consumption, and environment and self-rated health. As such it provides an interesting platform for academics, researchers, policy makers, and students to explore experiences and research findings on special topics in applied demography and how those inform the field of population studies and public policy.

Some economists believe that social norms are created to improve welfare where the market fails. I show that tipping is such a norm, using a model in which a waiter chooses service quality and then a customer chooses the tip. The customer's utility depends on the social norm about tipping and feelings such as embarrassment and fairness. The equilibrium depends on the exact social norm: higher sensitivity of tips to service quality (according to the norm) yields higher service quality and social welfare. Surprisingly, high tips for low quality may also increase service quality and social welfare.

This volume offers several original scholarly contributions written by thought leaders in the field of human resources management.