Addendum:

I've done some experimenting and found that the Intel power management subsystem is interpreting the thermal power management settings BACKWARDS.

Right-click your battery icon, and...

I have the same ASUS Vivobook S550CB laptop, with the same Intel Core i5-3337U processor.

I came to this thread looking for an answer, and also tried the "Power4Gear" app, which did nothing more...