The Game Theory and Long Run Marginal Cost in Microeconomics Term Paper

The Game Theory and Long Run Marginal Cost in Microeconomics - Term Paper Example The mathematical analysis of these situations is called game theory and was originally developed by Von Neumann and Morgenstern in 1944. As the subject develops, it has gained acceptance, particularly in business, politics and with the military. In 1994 the Nobel Prize for Economics was awarded to Harsanyi, Nash, and Selten for their contributions to Game Theory. The second part of the paper involves the study of the long run marginal cost. The long-run marginal cost curve indicates the change in total cost resulting from a change in production when all inputs including capital and plant size are variable. This paper discusses the different cases of long-run cost curve with the categories of returns to scale. Here we only consider two person’s zero-sum games. These are games with two players normally called A and B wherein any play of the game the amount of As gain equals the amount of Bs loss (so the sum of both players gains is zero). We refer to As gain and Bs loss throughout the theory but naturally, B can win games so As "gain" is not always positive. Our object is to find the best strategy for each player. By a "best strategy" we mean that if A (say) deviates from this strategy then B can adapt Bs strategy to gain more than if A stuck to the best strategy. Pure Strategies: To solve the game we first of all look for a pure strategy. This occurs when the best strategy for each player is to choose the same option for all plays of the game. If there is a pure strategy, A plays i  and B play j (say), then the ijth element (the payoff to A per play) is called a saddle point. Mixed Strategies and Dominance: If there is no pure strategy then we look for a mixed strategy which means each player mixes their options in certain proportions. Solving the game means determining these proportions in this case.

Descriptive Statistics Case Study Example | Topics and Well Written Essays - 500 words

Descriptive Statistics - Case Study Example This would look like a promising finding because it is higher than the current trend on the mean number of weeks that a prostate cancer patient lives after receiving a confirmed diagnosis of being in stage 4 which is 9.6, with a standard deviation of 3.2. Unfortunately, the data contains an extreme point in this instance, which is 45 and this would certainly draw the mean upwards (Doty, 1996), thereby misrepresenting the behavior of the data. It can also be observed that the standard deviation is unusually high, and since it measures the approximate distance of the data values from the mean (Black, 2010), this indicates that the data set is highly variable. In order to provide a more appropriate interpretation of the behavior of the data, the research team may choose to eliminate this extreme point. This is usually done when a data set contains a minimum number of extreme values that affect the results when the mean is used to interpret it (Fink, 2003). Based on the new calculations made once the value of 45 is removed, the data set will now have a mean of 7.64 and a standard deviation of 2.4. Clearly, such results are lower than the current trend.

Genetically modified food Essay Example | Topics and Well Written Essays - 2000 words

Genetically modified food - Essay Example However, in the contemporary world, scientists have adopted complex measures by integrating the laboratory with breeding, and narrowing down to the building blocks of such attributes; the genes. As such, various methods of genetic modification, alteration, and improvement have developed organisms that are an improvement of the already existing organisms. The improvement is in terms of the rate of growth, resistance to more harsh conditions, and productivity. This has been integrated with food production, with the widespread of genetically modified foods. As much as such developments promote the wellbeing of individuals through reduction of food insecurity and increasing the nutrient density and shelf life of food, many fail to understand the ramifications that such technology holds. Different individuals hold different opinions regarding the genetically modified foods, with some arguing for it, while others against it. However, genetically modified food should be forbidden because it can break the ecological balance. Genetic modifications, also known as â€Å"genetic engineering† involves a deeper meaning than the phrase sounds. With reference to the word engineering, Rifkin suggests that it involves the application of the principles of engineering in life’s genetic blueprints. Rifkin goes further to explain such engineering principles in his article, â€Å"The Bio Tech Century†, as predictable outcomes, efficiency, quality control, quantifiable measurement standards, and utility (Rifkin 2). As such, genetically modified foods are edible plants and animals whose DNA has been altered in terms of the genetic framework to favor a certain sequence, through genetic engineering. Such alterations could be geared towards producing foods that are resistant to pests, grow rapidly, or have an improved nutrient profile. On the other hand, ecology involves the scientific

International Trade Operations Essay Example | Topics and Well Written Essays - 3000 words

International Trade Operations - Essay Example This issue has been chosen as the central objective of this report and therefore, assessing various payment risks underlying the operations of the company concerned in international markets, this report highlights the crucial steps that need to be taken by ABC Ltd to reduce these risks to the extent that can enable the company to minimize the probability of incurring loss in the course of international trade. As the report declares the company confronts with two kinds of risks undermining the payment in consequence of international trade. These risks could be in two forms; either in the form of non-payment by the importer or in the form of late-payment due to a number of reasons. There are many factors that bring about the risk underlying payment in the international trade. As the business operations are carried out on the cross-border level, several international as well as domestic events taking place within both the exporting and importing countries may have their impact on the extent of risk associated with payment. This is the greatest risk underlying the export trade, which may cause substantial business loss to the exporter. ABC Ltd is providing electronic goods to both the developed as well as developing countries therefore, it comes across many cases in which it fails to receive export payments form the importers due to lack of credit worthiness, no or little information about im porter, government policies and protection, lack of legal action and due to insecure payment modes. RISK OF LATE PAYMENT This is another risk underlying export payments, which may also cause irreparable loss to the company. The manufacture of electronic goods requires continued flow of capital that is ensured by secured payment from the buyers of the products. Late payments may entail innumerable problems for the business in terms of re-scheduling its manufacturing process. Information about buyers and their countries can play an important role in pre-determining the probability of late payments and potential problems that may arise due to it. ASSESSMENT OF PAYMENT RISKS Following are the most common risks that are involved in receiving the payment of goods exported to other countries: Commercial risks The commercial risks that are associated with the export payment are intimately related to the importers credit worthiness. These risks may turn into business loss if the buyer becomes bankrupt or insolvent rendering the exporter unable to receive the payment for goods exported. The commercial risks also include the non-acceptance of goods on the part of importer, showing his unwillingness to pay (Trade Facilitation and Electronic Commerce, accessed 02.01.2006). ABC Ltd also confronts the risk of default on payment by a buyer or importer at the end of the credit period. The company risks the payment against goods exported when the buyer is less credit-worthy. Risks Associated With Different Payment Methods The following are the common modes of payment used by ABC Ltd. in export trade. Some of them are highly insecure and involve risk potential. The risks associated with t

Inclusive Education Essay Example for Free

Inclusive Education Essay This report details the role of educational inclusion, individual and general perspectives on inclusion and how the medical and social models have played a great part in the conception and in its application in regards to inclusion in the past and in recent times. Inclusion has different conception and used in certain terminology that relates to inclusion. It is used in different settings such as in social care and in the educational setting in the society today. In this report I will be focusing on the educational part. The Encarta English Dictionary defines inclusion as the addition of somebody or something to the rest of a whole. This definition has not specified who is to be included but a person or group being part and accepted by the rest of a whole. Inclusion have been defined and interpreted by many as just the integration of children with special educational needs (SEN) into mainstream school. According to (Rigby 2000) these kinds of misconception and viewpoints often lead to the misunderstanding and maltreatment in such a way that it creates room for continuous labelling, bulling and rejection by others without SEN. The term Inclusion according to (The Warnock 1978 Report) was initially used as integration, whereby children with SEN who have been educated in special schools where integrated into mainstream school provided they did not have any effect on adequate use of resources. The definition of inclusion is actually changing and moving, in the sense that, its concept and dynamism is now broader, people are now beginning to fully understand what it means and what it evolve in the society today. It is not just about people with special needs integrating or having the same capabilities to perform but having equal choices on where is more conducive they choose to live, having equal opportunity to engage in whatever they choose to do and being accepted the way they are (Giangreco 1997). Social Inclusion/ Social Exclusion There are no definite definitions for social inclusion and social exclusion, both of them has multiply definitions, it all depends on the context which it is used for and is still being developed. Exclusion can be defined as the act of excluding, or of shutting out, whether by thrusting out or by preventing admission; a debarring; rejection; prohibition; the state of being excluded (Inc Icon Group International 2008). According to the definition above, it indicates that social exclusion is multidimensional; people are not only excluded in the society because of their age, sex, religion, colour, disabilities, race and gender it can also be due to unemployment, homelessness, low income, poor mental health, locality, dysfunctional family, educational achievement, status in the society etc (SEU 2004). This group of people are said to be in a Cycle of Disadvantage ( Pope, Pratt and Hoyle, 1986). Article (136 and 137) of The (1997) Amsterdam Treaty was enacted in order to eliminate exclusion and promote economic and social cohesion. Social inclusion promotes integration and community cohesion, it builds the communities, promotes understanding and unity. Inclusive Education and Government Legislation According to (The 1944 Educational Act) it initially stated that, children’s education should be based on their age, aptitude and ability. During the Act establishment, there was a philosophy that children with special need were to be able fit in the school rather than the school making provision to accommodate them before gaining admission into the mainstream school. The (1944 Act) was in use until 1974, when the Warnock Committee was set up to review the provision that was available for children with Special Educational Need. This committee which was headed by Mary Warnock lead to the publication of the 1978 Warnock Report. The Report concluded that, they were about 20% of children in school population that might have Special Education Need and only 2% of which may require support in the mainstream school. The Warnock Report suggested that there should be a proper provision in place for children with Special Educational Need, which then will ensure that the 2% in mainstream school received the adequate provision. The 1978 Warnock Report had since lead to the enactment and development of various educations Act such as, (1981Education Act), (1993 Education Act), (1996 education Act) and the (2001 Special Educational Needs Disability Act) All these Acts listed above reinforces government’s dedication and commitment to the fully inclusion of children with Special Education Needs into mainstream school and the society as a whole. Inclusive Education and Autism  Abraham Maslow formed a theory on ones personality that has a great influence on education. In his theory of human need, he emphasized that, the student with education need that has a wish or desire to belong to a normal group, that desire creates the motivation to acquire new skills, which the student can only achieve in a learning environment that is void of segregation. He further argued that the sense of belonging is the foundational need that that needs to be met in order to achieve the higher level self actualization. According to (Article 28) of the United Nations Convention on the Rights of the Child, it stated that every child has a right to education. No child should be discriminated, excluded or deprived on the basis of belonging to a particular group. Therefore Inclusive education can be defined as the integration of adults or children into mainstream school regardless their gender, age, disabilities, ethnicity, colour or impairment (Daniels and Garner 2000). Children with hidden disabilities like autism, which is a life time disability that affects the way a child communicates and interact within the society, are faced with difficulties of being fully included into mainstream school. Prior to the development of the Special Need Education, children with autistic spectrum were viewed under two models of disabilities, Medical or Social Model. These are ways how people viewed and acted towards people with disabilities. The Medical Model of Disability sees the illness in the person first and the individual second, this notion creates a bad and negative conception of disability (Cigman 2007). The Social Model of Disability sees the disable person first before their illness. This model sees the person as an individual, different and unique, who has an equal rights and opportunities to education and other essentials of life. The model recognises the fact that a disable person’s impairment does not regard him or her less than anyone else in the society.

Students stress Essay Example for Free

Students stress Essay ?Introduction paragraph: As we know going to college has a huge importance for every student. Obviously students gain different experiences from each other. Becoming a student has advantages and disadvantages. This essay introduces us with one of the disadvantages which is students stress. Financial problems , time management , changing sleeping or food habits and social activities are some effects and causes that induce students stress. Body paragraphs Topic sentence : Time management is an effect that induces students stress. Connecting explanation: When students don’t manage their time appropriately they find it difficult to study. Detail / Evidence 1 : Not being able to arrange their time ,they find it difficult to find the right time to study or work (or any other activity) Detail / Evidence 2 : The more time spent at work (or different activities), the less time a student spends studying. Example 1: Having to hold down a job and still be a college student is a constant source of stress (Calderon , Hey Seabert , 2001). Connecting explanation : The students that work or attend to social activities find it hard to manage their time so they can achieve what they want. Concluding sentence : As we see from the example above students that don’t manage their time have lots of stress. Time management is an effect that induces students stress. Being regular attendees to different activities makes them to have less time to study. Having a work also complicates the ability to manage their time appropriately. It is important for every student to have at least a guide that explains how they can handle this stress. Being able to manage our time helps us a lot to achieve in the appropriate way our studies , work and social activities. Topic sentence : An important cause that leads to students stress is financial problem. Connecting explanation : Having financial problems it is surely the best way to distract students from their studies. Detail / Evidence 1 : Financial support is a tremendous factor in the success of a college student. Detail / Evidence 2 : The need for financial support leads students to take care of job responsibilities. Example 1 : If the student has a family that involves his or her own children, the support of everyone is needed even more to achieve the goal of graduation (Trockel et al , 2000). Connecting explanation : Not having a financial support leads students to take job responsibilities which causes lots of stress. Concluding sentence : As we see in the example above the support of the family is a huge importance. Having financial problems it is surely the best way to distract students from their studies. Finding how to manage their costs is obviously very stressful. The reason that obligates students to take care of job responsibilities is the lack of a financial support. Being free of financial responsibilities is a relief for them. According to the example , to achieve the goal of graduation the students families must give them support. Topic sentence : Changing sleeping habits its another cause that creates students stress. Connecting explanation: When students go to college change their sleeping habits because of job responsibilities or social activities. Detail / Evidence 1 : Sleep deprivation causes shortened attention span. Detail / Evidence 2 : Increased number of errors that students make on a test. Example 1 : Sleeping shorter amounts of time has shown to increase factors such as anxiety and stress which have been associated with academics performance (Celly et al 2001). Connecting explanation: Usually students that change their sleeping habits for different reasons tend to lose their attention which reduces their grades. Concluding sentence : According to the example above , sleeping less causes much more stress which lowers the academic performance. Changing sleeping habits its another cause that creates students stress. Most of the students when they go to college start a work or attend to social activities which makes them sleep less. A low attention its obviously a lack of sleep. Not being careful to their courses makes them lose lots of information and increases the errors in their tests. According to Celly (2001) Anxiety and stress come from a low amount of sleep and that’s what leads to a reduced academic performance. Topic sentence : Being part of social activities is another cause that induces students stress. Connecting explanation : Following social activities spends the students time more than it should. Detail / Evidence 1 : Taking time out of frequent study hours to work out pulls away from grades. Detail/ Evidence 2 : Exercising too much or not at all can influence academic performance. Example 1 : Students who exercised seven or more hours a week obtain significantly lower grades than students who exercised 6 or fewer hours weekly or not at all. Connecting explanation : Exercising too much reduces students academic performance which leads to lower grades. Concluding sentence : According to the example above , we can see the importance of not spending too much time in different activities. Being part of social activities is another cause that induces students stress. We all know that following social activities is good when its not exaggerated. It is obvious that spending lots of time in activities doesn’t give us the opportunity to study enough. Not studying enough surely reduces students grades. According to the example above , students should understand the importance of spending appropriate hours on social activities. Topic sentence : Another cause that induces students stress is changing food habits. Connecting explanation : Because of different things that students might have during their college they don’t have enough time to cook so they change their eating habits. Detail / Evidence 1 : Having an unhealthy diet is an important detail that leads to students stress. Detail / Evidence 2 : Learning to cook is a new challenge for students. Example 1: Little storage space is available in the average dorm room , and food storage may not be possible at all (Trockel et al , 2000). Connecting explanations : Many students consider learning to cook as a challenge so they choose to have an unhealthy diet which causes stress for them. Concluding sentence : According to Trockel (2000) the reason that students choose to have an unhealthy diet is because of the little storage space available in the average dorm room , or the food storage might not be possible at all. Another cause that induces students stress is changing food habits. Students before going to college were used with moms cooking. Now they have to do everything on their own , concluding cooking. Because of many students consider cooking as a challenge they go to the supermarket to buy something to eat. Having an unhealthy diet its proved that lowers the capacity to study and this causes students stress. According to Trockel (2000) the reason that students choose to have an unhealthy diet is because of the little storage space available in the average dorm room , or the food storage might not be possible at all. Concluding paragraph : As we see there are lots of causes and effects that induce students stress. Last year I was a freshman in an Italian university and I can say from my experience that is very difficult to handle a stress that college induces. I think that those causes and effects are parts of every students life that is why they shouldn’t freak out. Knowing how financial problems , social activities , time management , the change of sleep and food habits effect students should also be a good priority for studiers to find a way how we can handle it. Capable students obviously will be an important step that will lead us to a better future.

Rewards Influence Comparison Older And Younger Management Essay

Rewards Influence Comparison Older And Younger Management Essay Abstract Due to the increasing lifespan and lower birth rates, the world is facing a new challenging era in regard to managing the labor force. Many organizations are in a process of developing new and strategic policies in retaining and motivating the aging work population. Currently, the largest working generation comprises of Baby Boomers who will retire in the following 10 to 15 year. The increasing amount of older people in the labor market causes a shift in the motivation tools that upper management of any organization makes use of. This research paper focuses on how intrinsic and extrinsic rewards influence the motivation of elderly employees in comparison to younger. Key words: aging workforce, intrinsic and extrinsic rewards, job satisfaction, job motivation, Baby Boomers generation, Xers generation, generational differences. Introduction The issues related to the global aging workforce are growing significantly in the past few years. Research shows that in the next decade, half of the world workforce will consist of above 55 year old employees (Kanfer Ackerman, 2004; Arnone, 2006; Streb, C. K, Voelpel, S. C., Leibold, M. 2008). The current aging generation of Baby Boomers consists of people who are well educated and trained but also they outnumber the following Xers generation. This fact affects the labor market and will force organizations (Arnone, 2006) to employ new strategies when meeting the expectations of their personnel. Research shows that the larger the number of elderly workers the more implications companies will face (Ng, Thomas W. H., Feldman, Daniel C., 2008). The main threats for managers in the knowledge based economies are the rising organizational costs, lack of well trained young personnel and difficulties to support the older employees (Goss, 2001). Preserving the older employees is an asset to an organization due to their knowledge and experience. To maintain and stimulate this group of people, on other hand is a difficult and costly task for the upper management. Rewards are perceived to motivate employees but little is known which type of reward most likely affects the performance of an older employee compared to a younger one (Giancola, 2008). According to Lord Farrington (2006) the retention and level of productivity of an employee is the result of how effectivelly the individual is motivated. Most of the researchers in this field focus on the factors which motivate personnel in general but age is often not taken into account. Little research has been conducted on age differences and factors that stimulate motivation (Lord Farrington, 2006). There is a substantial amount of academic literature which examines the perceived link between employees job expectations and the actual exchanged rewards in return. According to Wallace (2006) the exchanged rewards are highly correlated with job motivation. There are two main types of rewards intrinsic and extrinsic (ODriscoll, Michael P., Randall, Donna M. 1999). Both types reflect the degree of motivation of an employee. In order to improve the resource strategies, companies and researchers will have to test the relationship between employees perception of rewards, motivation and their age (Lord Farrington, 2006). It is assumed that people belonging to different work generations have also diverse rewards preferences. Therefore, the goal of this research is to investigate whether rewards that trigger job motivation among older workers are different to those that stimulate younger employees. Research gap An issue which arises from the current ageing workforce (Baby Boomers) in the world is the relatively lower percentage of younger specialists (generation X) in variety of business fields (Wallace, 2006). This fact leads to the overall shift in the organizational strategies and structures to retain older people longer on their job positions. It also implies further complications such as knowledge transfer and the retirement process of the Baby Boomers generation. Thus, successful retaining of these employees is strongly connected to motivation and rewards. There is an extensive research conducted on topics such as job motivation and job rewards. However, relatively little attention has been given to understand the impact of worker age on factors that affect worker motivation (Lord Farrington, 2006). There is a substantial empirical gap in studying the influence of aging on work motivation (Kanfer Ackerman, 2004). Job motivators differ between people from the two main working generations Baby Boomers and Xers (Wallace, 2006). The latter has a severe impact on the organizational strategies since the global workforce is ageing and there is immense necessity of retaining older people. Current literature focuses on four main topics: The effect of the global aging workforce on organizational structures and strategies The factors which stimulate job motivation Types of motivation Existing rewards and rewards systems employed by organization This paper deals with describing the effects of rewards on the job motivation in regard to the two working generations mentioned above. The research carried out focuses on the possible differences between rewards preferences of aging personnel. The nowadays average baby boomer is 55 years old while the average Xers is 38 years old. This age difference might influence the affiliation of different job rewards which stimulate the work motivation among both groups. The presented research gap leads to the following research question and conceptual model. Research question and Conceptual Model The main research question addressed in this paper is: What type of rewards influence job motivation among older employees in contract to younger? Who is considered an old and young employee? What are the main age-related working groups? What kind of rewards exists? How is motivation stimulated among employees? Which rewards stimulate the different work generations? Are there any differences between reward preferences of older and younger workers? The conceptual model describes the relationship between rewards and performance. As mentioned before, rewards create satisfaction which increases the job motivation (Herzberg F. , 1987). Rewards are seen as an independent variable and job motivation is the dependent variable. The moderator presented in this model is the age. It is argued that older and younger employees are motivated by different rewards. Consequently, age influences rewards which positively affect the job motivation. In this paper, the addressed questions are analyzed and answered by the use of a literature. Type of rewards and job motivation are further discussed and described in the literature review. By the use of this literature several hypotheses are constructed and a plan how to test these relations is presented in the methodology. Theory Aging population and workforce generations Developed countries all over the world are currently dealing with an exceptional change towards a new era of ageing work population. Research shows that the effect of aging will lead to a smaller ratio of the population being employed in the years after 2010 / 2020 (Kunà ©, 2009). In Europe, old-age dependency ratios are expected to reach 50 per cent by 2050 and the projection for the rest of the industrial countries worldwide has similar estimations (Kunà © 2009, Arnone 2006). For example, in America in 1977, 37% of the workforce was under age 30 compared with only 21% in 2002, and only 38% was 40 or older in 1977 versus 56% in 2002 (Perry, Lance S. 2010; Bond, Thompson, Galinsky, et al, 2003). Research shows that by the next two decades the aging population will double and around 80% of the Baby Boomers will remain professionally active even when they reach 65 years of age (Moberg, 2001). The projected demographic situation will create serious complications in the scope of the or ganizational polices, retirement plans, retaining personnel and knowledge transfer. Baby boomers generation comprise a large percentage of the knowledge-based labor market (those people born between 1946 and 1964) (Head, Baker, Bagwell, Moon, 2006) and since this group ages and retires it is the Xers generation (those people born between 1964 -1981) who will be expected to fill these positions (Wallace, 2006). However, this generation is much fewer in numbers than the previous generation and they are described as being more concerned about work-life balance. The most essential generation differences are related to the role that work plays in ones life (Kennedy, 2003) and as a result, Gen Xers are viewed as less loyal and committed to work, their careers and their employers compared to the Baby Boomers (Wallace, 2006). The latter generation is qualified as being open to challenges and pressure, performance driven and workaholic behavior (Lamm Meeks, 2009). On the other hand, Xers are described as the people who are creative but also like the fun and informality; Fo r them work is a complex challenge and they overcome it with demands for more free time (Lamm Meeks, 2009). Rewards and Motivation Some forty years ago, Hertzberg suggested that suggested that two types of rewards, intrinsic and extrinsic, may be used to motivate workers (Herzberg, 1966;1987). Use of rewards systems would be expected to lead to better organizational results. Later in the years, many researchers concluded that job rewards and motivation are strongly and positively related. Intrinsic rewards are those that exist in the job itself (Herzberg, 1987a). Examples are achievement, variety, challenge, autonomy, responsibility, and personal and professional growth (ODriscoll Randall, 1999; Mahaney, 2006). They also include status, recognition, praise from superiors and co-workers, personal satisfaction, and feelings of self-esteem (ODriscoll Randall, 1999). Employees are thought to be motivated to work hard to produce quality results when they have pride in their work, they enjoy their jobs, they believe their efforts are important to the success of the project, and their jobs are fun, challenging, and r ewarding (ODriscoll Randall, 1999). According to Herzberg, the job satisfaction resulting from these rewards is the source of employee motivation (Bassett-Jones, 2005). On the other hand, extrinsic rewards are external to the job itself. The comprise elements such as pay, fringe benefits, job security, promotions, private office space, and the social climate (Herzberg, 1987; ODriscoll Randall, 1999). Other examples include competitive salaries, pay raises, merit bonuses, retirement plans, and such indirect forms of payment as vacation and compensatory time off, (ODriscoll Randall, 1999). Employees are trained to be motivated to work hard to produce quality results when extrinsic rewards are present and provided because the failure to receive those rewards disappoints them. In other words, extrinsic rewards are not direct motivators but the lack of them causes people being disincentive (Herzberg F. , 1987). However, both types of rewards, intrinsic and extrinsic, have been shown to have positive effects on motivation (Wiersma, 1991). In relation to intrinsic and extrinsic rewards, motivation can be described in the same manner: intrinsic motivation shows the relationship between employees and their job itself (Hui, 2000) (Hui and Lee 2000), and is developed from the individuals perceptions and needs (Sansone Harackiewicz, 2000); and extrinsic motivation refers to the relationship between individuals and external compensations such as salary (Komaki, 1982) Rewards, motivation and age As mentioned earlier there is a limited research done on the interrelations between rewards, motivation and age. A few researchers paid more attention to this issue by discussing the different trends in the values among Baby Boomers and Xers. According to Wallace (2006), Xers value more their flexibility and autonomy to work on their own, while Boomers are strongly committed and attached to the organization they work at. Smola Sutton (2002) describe Xers as being creative and innovative, technically savvy and multi-tasking orientated, while Boomers are seen as hard workers, long office hours and loyal to their employers. Managers are concerned that Xers have a lower level of work ethics and do not find work as significant as the Boomers (Wallace, 2006). Kanfer and Ackerman, (2004) argue that younger employees are more motivated by performance-contingent incentives, such as salary and are strongly motivated by structured supervision. In contrast, older employees value the structured supervision which eliminates effort demands. Jurkiewicz (2000) states that Baby Boomers demand more benefits in regard to their retirment plans, while Xers are interested in child care support. 401(k) retirement plans are mainly employer-sponsored and boomers are stimulated by them; in contrast, Xers could not care less (Jurkiewicz, 2000). Research shows that money is seen as the main extrinsic motivator for any generation (Sansone Harackiewicz, 2000). However, only money is not enough for most of the employees. Other age related differences in motivating employees is the example that Boomers are genuinely more concerned with their quality of time than money and Xers are willing to trade their financial benefits for more leisure time (Jurkiewicz, 2000). Yet, according to Jurkiewicz (2000), younger adults are more concerned about financial compensation than the older workers. According to Giancola (2008), there are most-valued rewards at work for each age group. Baby Boomers for instance, consider flexible retirement plans and assistance, job training and sabbaticals as the most valued rewards (Giancola, 2008). In comparison, Xers find rewards such as flexible working arrangements, skills development, real-time feedback, work-life balance and tangible, immediate rewards as the most important motivators. In addition, Reynolds (2005) argues that management stimulates Boomers by creating a sense that they are needed in the organization and that their contribution is of a vital importance. Xers, are inspired by direct feedback as stating that results are imporant, not the actual time spent on a task; or indications of how well they perform and what skills they can develop (Reynolds, 2005 ). Based on the current literature findings the following hypotheses are generated: H1: There is a significate relationship between employees age and reward preferences. H2: There is a significant difference in the importance of types of job rewards for what? between younger and older knowledge workers. H3: Intrinsic rewards are more strongly related to job motivation for Xers generation compared to Baby Boomers. H4: There is no difference in the level of job motivation between younger and older workers in their current jobs. I would skip this one, and concentrate on the relations between varaibels and not go into descriptions of situations H5: Satisfaction obtained from each reward is the same for Xers as it is for Boomers. In relation to H5 but also a more general remark: there is a difference between satisfaction and motivation. Your model is focusing on motivation, stick with that. Moreover, the relation between satisfaction and motivation is not clear. Some research states that they are positively related with satisfaction leiding up to motivation, some research indicates a relationship that is reverse, and some research states that they are negatively related with a higher dissatisfaction leading up to a higher motivation to act. Methodology The primary method to obtain information and insight regarding job rewards, motivation and older employees is by using secondary data. This data is collected from articles published in academic journals. The main research engine used to collect data is Business Source Premium. The information extracted from the literature found will be applied in constructing surveys and interviews. Please make a concrete plan to collect and analyse primary data with: questionnaire items and scales to measure the variables (stated all explicitly in an appendix), an indication of the sample (number of respondents and how the sample is determined), a description of the statistical analytical techniques that will be used. Parts you already have stated here but add and elaborate when necessary. These tools will be used to collect primary data. A sample of 150 well will be taken across different organization across West European countries. No random sampling will be used, due to the specific of the measur ement criteria. The companies which are meant to participate in this research should employ people from two main age groups and with no less than 50 employees. The age groups consist of employees between 29 and 46 (generation X) and 47+ (Baby Boomers) years of age. The reason why 47 is limitation age is because the youngest Baby Boomers at the moment are 47 years old. The selection of employees will not be random and there will be an equal distribution between participants who belong to either of the mentioned aged groups. These boundaries are set so that motivation versus rewards can be investigated where people have multiple hierarchical levels, age diversity and where decision making is done by more than one person. The reason why well educated people are the primary focus of this research is because skilled jobs are more jeopardized by the aging workforce. Thus, a loss of experienced and well educated employees will occur in the future. The participants in the undertaken research will be either surveyed or interviewed. The time limit for performing these actions will be between four to six months. It is assumed that this is a sufficient time to collect the data. The opinions gathered will be from members of both age groups so that comparison can be made. The survey will consist of open and close ended questions. The purpose of that is to collect ordinal and ratio data which will allow the researcher to perform future correlation and regression analysis. The program used to analyze the data will be SPSS. The last step of this research will be to use both primary and secondary data. This information will allow the researcher to analyze and summarize all the findings. These findings will be included in the Findings and Analysis chapter. The latter will be used to draw conclusions and recommendations. Findings and Analysis This chapter deals with the outcomes of the primary research. Conclusion This chapter presents all the results and conclusions drawn from the literature and primary research. Discussion This chapter describes any additional questions that can be research in the future.