CMCE Next Gen 2.0: Risky Business. Workshop Two: How Does Motivation Affect Your Choices?

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This is a series of interactive workshops with leading academics and practitioners to explore the fundamentals of behavioural economics, how they can be used reflectively to change how we think about business today, and what they mean for how we engage with the future of technology. Held jointly with Dr Edmond Smith, Senior Lecturer in Economic Cultures at the University of Manchester, these sessions will look at how behaviour, emotions and social relations inform today's business dynamics. Our line up of speakers will provide different perspectives and will tackle  a wide range of topics including, for example, bioengineering, artificial intelligence, neuroeconomics, and conspiracy theories.   Please note that, even though the workshops are part of a series and we would encourage participants to join all sessions, each session is designed to be self-standing and will provide useful take aways. 

Please find below details on the individual sessions:

Next Event: Workshop Two: How Does Motivation Affect Your Choices?

9 May 2024, 4.00 pm, Online

Why does anyone do anything? Do we take risks for the possibility of reward? Or do we turn from them out of a fear of failure or punishment? There are myriad motivations that affect all of us, but recognising that they change how we make decisions is only the starting point. In exploring how diverse motivations can change how we make decisions, personally and in work, this session aims to reach a better understanding of how different people respond to risks and opportunities, and how we might use this to make better decisions, as individuals and as businesses.

Our speaker is Adam McCarthy, PhD student in Science Technology and Innovation Policy at the Manchester Institute of Innovation Research. His research focuses on the governance of emerging technologies for societal benefit. Considering his background in molecular biology, he has a strong interest in  sustainability and responsibility in the biosciences, recently focusing on international efforts to regulate AI-driven innovation in this area. His work is underpinned by a Responsible Innovation approach which means “taking care of the future through collective stewardship of science and innovation in the present”.  His work has resulted in collaborations with a variety of stakeholders, ranging from preparing scientific advice for Members of Parliament and conducting interviews with international negotiators to teaching courses on Responsible Innovation in local schools.  Quote from him on the topic: "We need to collaboratively rise to address global, grand challenges using all the tools, skills, and technologies at our disposal, while remaining critical about their potential pitfalls. This is the essence of Responsible Innovation.”

Adam will lead a practical exploration of how different motivations need to align as part of responsible innovation strategies, using a simplified version of a new tool that he has developed that enables a rapid, low-cost assessment of projects that considers environmental, societal, and economic factors, three key motivations for the commercialisation of new technology. In doing so, Adam’s approach is intended to help businesses overcome what’s known as the Collingridge Dilemma – the recognition that in the early stages of technology development, there is a dearth of data available to guide decision-making, whereas in later stages, technological pathways can become entrenched due to path dependency, rendering flexibility difficult. As a consequence, the choices made are by necessity anticipatory and shaped by bounded rationalities. The decisions that are reached often relate to the specific and limited motivation of decision makers employing new technology for a single purpose, rather than the acknowledgement and application of potentially diverse motivations for using (or not using) the very same technology.

Designed initially through work with bio-engineering SMEs, the tool is intended to provide a means for businesses across an array of sectors to effectively navigate what can be competing or even conflicting factors when seeking to implement innovative change, especially in reference to novel technologies. Through Adam’s introduction to his research and practical engagement with the assessment tool during the session, participants will take part in answering a key question in innovation studies today: can a method for sustainability assessment critically engage with the complex and multifaceted motivations for technology governance and sustainability whilst remaining practical for use by practitioners?  Here you can access a link to his latest article on this topic: https://osf.io/preprints/socarxiv/edhjx

Our second panellist is Caroline Wehrle, Non Executive Director and Pension Trustee.  Caroline Wehrle has spent more than 25 years working in the fields of risk management, audit, internal controls, compliance and business integrity.    

Caroline started her career in the engineering sector providing technical and quantitative risk management services to the civil engineering and rail industries.  She then moved into consumer goods, joining Diageo, the world’s largest premium drinks business, where she held a number of senior positions, culminating in her final role as Global Risk & Compliance Director leading an integrated global risk management, internal control, compliance and ethics function.  Caroline is now a Non-Executive Director and Audit and Risk Committee Chair for Aster Housing Group and NHS Property Services, and an independent member of the Audit and Risk Committee at the Wellcome Trust.  Caroline has a BA Hons degree in Risk Management from Glasgow Caledonian University, an MBA from Bayes Business School.

In a volatile and fast changing world, understanding the motivations and risk appetites of individuals and organisations that you are working with is vital to achieving successful outcomes.

Workshop Three: Can You Be Rational?

23 May 2024, 4.00 pm, Online

The third session will introduce another key concept from behavioural economics – bounded rationality. This is the idea that, despite our efforts to act rationally, the bounds of what we know inevitably constrain our decisions. Instead, uncertainty is part of everyday life: we cannot know everything, and even what we do know is shaped by our education, knowledge and training. Through this discussion, we will gain a better understanding of the ways in which we look to understand and mitigate against risk, and to take advantage of opportunities, paying particular attention to longer term goals in life and work.

Workshop Four: Why Do We Fear the Unknown?

13 June 2024, 4.00 pm, Online

When we think about the future of technology – from AI to robotics to genetics – how can be possibly interpret these possibilities effectively? For some of us, our first thought might lean towards science fiction’s skull-faced Terminators or over-clever theme-park raptors, while others might simply feel overwhelmed by the scale of change underway. Some, too, will be inspired and excited by the seemingly endless possibilities that technology promises. Whatever the case, our emotional response to new technology shapes how we engage with it, as individuals and as communities, and recognising those hopes and fears is key to understanding ourselves within the world’s possible futures.

Workshop Five: Conclusion session

27 June 2024, time and venue to be confirmed

These four workshops will be followed by a fifth, conclusion session, where we will summarise and discuss the main takeaways and their practical applications from the series.

 

For earlier workshops in this series, please see here.

 

Dr Edmond Smith, main speaker and lead panellist

Dr Edmond Smith is a Senior Lecturer in Economic Cultures at The University of Manchester. Their prize-winning research seeks to understand the institutional underpinnings of economic development, innovation, and globalisation. This includes numerous academic journals and books, including Merchants: The Community That Shaped England’s Trade and Empire (2021), and prestigious funding awards from the British Academy, UKRI, and the European Research Council. In addition to their academic work, Smith maintains strong relationships with finance and policy sectors, with a particular focus on economic security, innovation, and long-run economic change. In 2023 they established the Economic Security Policy Network that draws on a wide range of expertise across the humanities to provide expert advice on topics related to innovation, technology, and systemic economic challenges.