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Introduction: When people need to take decisions, being economic decisions or otherwise, their decisions tend to rely on information the brain has already processed, and this includes the resources that the person has already invested. This is called sunk cost bias in the behavioural economics literature. On the other hand, mental practices could lead to the mental accounting bias, where people allocate a different value to a fixed amount of money, depending on circumstances.

Purpose: In this chapter, both biases mental accounting and sunk cost are investigated for the tourism industry in Turkey.

Methodology: The topic is researched through scenario-based questions and the Chi-square Automatic Interaction Detector (CHAID) method is applied.

Findings: As a result, it could be reported that people, regardless of gender, fall into sunk cost and mental accounting biases in decisions relating to their vacations. Mental accounting biases can be primarily explained using the scenario questions posed rather than gender, education, and income while sunk cost bias is explained by status, ‘being s university student’ and ‘income level’.

Practical implications: Rapid price changes in the tourism industry can disturb consumers who are mental accounting and sunk cost biased. So, they can change their holiday preferences or be dissatisfied with it and give negative feedback.

The advent of the digital technologies (DTs), coincided with the pandemic and global conflicts, has proven to be an unprecedented and transformative era for supply chain management (SCM). DTs are reshaping the way organizations plan, execute, and optimize their SC operations. Throughout this book, we posit that the adoption of digital supply chain management (DSCM) has become essential for staying competitive and responsive in a rapidly evolving business environment. However, amid technological advancements and digital solutions, there exists a critical factor that often goes overlooked – the significance of intangible assets, specifically intellectual capital (IC). This chapter comprehensively explores the role of an organization's IC in the adoption and performance of DSCM. We employ a comprehensive analytical approach, drawing upon existing literature from various sources to elucidate the relationship between IC and DSCM. Synthesizing insights from the literature, the chapter shows how each constituent of IC contributes to the adoption, operation, and performance improvement of DSCM. The discussion in the chapter shows that human capital (HC) forms foundations, as the knowledge, skills, and abilities (KSAs) of the employees are prerequisites essential for understanding, adopting, and capitalizing on DTs in SCM. The analysis also reveals that SC, which represents organizational processes, digital tools, and knowledge repositories, supports the seamless integration of DTs within SCs. Similarly, RC, by nurturing trust, open communication, and collaborative networks, plays an instrumental role in establishing ecosystems that help the adoption and effective functioning of DSCM. This chapter makes a convincing case to consider IC as the strategic component while DSCM adoption and performance.

The 170-year-old Master in Business Administration (MBA) program is becoming obsolete and inefficient to address today's real-world problems, and is facing mounting criticism from business scholars, management deans, and academic scholars alike. Reviewing major criticisms, this chapter suggests a new design for the MBA program that will not only address the criticisms but also accept a paradigm shift that will spearhead it in coming decades. The redesigned MBA “structure” proposes a four-semester full-time program, during which each semester delves into deeper marketplace problems of increasing complexity (i.e., from simple to complex to unstructured to wicked problems) and deals with these problems with new levels of critical thinking skills and ethical reasoning processes tempered by corresponding entrepreneurial knowledge, skills, and values. The “content” of the redesigned program is anchored around five major themes of business learning: namely, intrinsic motivation management, creativity and innovation management, productivity management, revenue management, and eco-sustainability management, each geared to generate professional entrepreneurial knowledge, and skills and values urgently needed today. Numerous beneficial features of this newly redesigned integrated business management program (MBA) are also discussed.

Digital technologies (DTs) have emerged as a major driving force, transmuting the ways Supply Chains (SCs) are managed. The integration of DTs in supply chain management (SCM), Digital Supply Chain Management (DSCM), has fundamentally reshaped the SCM landscape, offering new opportunities and challenges for organizations. This chapter provides a comprehensive overview of modern DTs and the way they impact modern SCM. This chapter has twofold objectives. First, it illustrates the major changes that DTs have brought to the supply chain landscape, unraveling their multifaceted implications. Second, it offers readers a deeper and comprehensive understanding of the challenges and opportunities arising from the incorporation of DTs into supply chains. By going through the chapter, readers will be able to have a comprehensive grasp of how DTs are reshaping SCM and how organizations can survive and thrive in the digital age. This chapter commences by shedding light on how DTs have and continue to redefine SCM, improving supply chain resilience, visibility, and sustainability in an increasingly complex and interconnected world. It also highlights the role of DTs in enhancing SC visibility, agility, and customer-centricity. Furthermore, this chapter briefly highlights the challenges related to the adoption (pre and post) of DTs in SCM, elucidating on issues related to talent acquisition, data security, and regulatory compliance. It also highlights the ethical and societal implications of this digital transformation, emphasizing the significance of responsible and sustainable practices. This chapter, with the help of three cases, illustrates how the adoption of DTs in SC can impact the various SC performance indicators.

India's manufacturing exports are heavily tilted toward primary and resource-based products, while its Asian peers have a significant proportion of high and mid-tech products in their export baskets. An attempt is thus made to understand the hurdles faced by technology-intensive exports by India, using gravity panel estimates on its high, mid, and low-tech exports, using data across 130 countries from 2001 to 2019. In line with the Knowledge Theories of trade, which postulate that technical and scientific knowledge and innovation provide trade advantages, this chapter also tries to understand how India fares on this front. We use Principal Component Analysis to construct an index which provides a relative understanding of India's technical and scientific knowledge base.

We conclude that nontariff measures (NTMs) are a stringent hurdle faced by Indian exports, especially in the European Union. Tariffs have the most debilitating effect on its mid-tech exports and the least on high-tech exports. Regional Trade Agreements (RTAs) are most effective in creating trade for mid-tech exports and least in case of low-tech exports. The index for ascertaining India's relative knowledge base shows that while India ranked 6th in 2017, much higher than its Asian peers, its high and mid-tech exports lagged behind these countries. This puzzle is explained by the fact that scientific research in India has very little industry collaboration and thus is out of sync with market needs. Hence, the prevalent scientific and technical knowledge in India does not have the expected favorable impact on its technology-intensive exports.

This chapter focuses on critical thinking as a new, powerful, and specialized tool and technique for understanding and analyzing the subtle operations of the free enterprise capitalist market system and its ethics and morality. Everything in the world of consumers and market enterprise systems are determined by our supply–demand system that in turn are determined by our presumed limitless production–distribution and consumption (LDPC) systems. From a critical thinking viewpoint, we study the free enterprise capitalist system (FECS) as a dynamic, interconnected organic system and not as a discrete or compartmentalized body of disaggregate parts. Systems thinking with critical thinking calls for a shift of our mindset from seeing just parts to seeing the whole reality in its structured dynamic unity; both mandate that we see ourselves as active participators or partners of FECS and not as mere cogs in its wheels or as mere factors of its production processes. Critical thinking seeks to identify the “structures” that underlie complex situations in FECS with those that bring about high- versus low-leveraged changes in various versions of capitalism. Specifically, this chapter applies critical thinking to FECS as defined by its founder, Adam Smith, in 1776 to its fundamental and structural assumptions, and as supported or critiqued by serious scholars such as Karl Marx, Maynard Keynes, C. K. Prahalad and Allen Hammond (inclusive capitalism), John Mackey and Rajendra Sisodia (conscious capitalism), and others.