Всего публикаций в данном разделе: 15644
Опубликовано на портале: 08-12-2002Robert Drago, Gerald T. Garvey
Recent advances in incentive theory stress the multi- dimensional nature of agent effort and particularly the case where workers can improve the performance of others through `helping' efforts. This paper provides a simple model of an agent's incentive to help depending on the compensation package, the cost of monitoring, and the allocation of tasks. We then analyze the determinants of reported helping efforts within workgroups for a sample of Australian workers. As expected, workers are less likely to help one another when promotion incentives are strong. Subsidiary results are consistent with our `contest' interpretation of this finding and not consistent with `gift exchange' or other variants of the efficiency wage hypothesis. Also as predicted, a wide range of job tasks amplifies the negative effect of promotional incentives, while monitoring of help mitigates the negative effect. We find an unexpected positive effect of piece rates on helping effort for long-term employees which we show is consistent with repeated game effects between workers. These considerations do not overturn our findings about the effects of tournaments.
Uncertainty and the Labor Market. [статья]
Опубликовано на портале: 08-12-2002Joseph Wesson
This paper describes the labor market in general, and the job search process in particular, as stochastic decay processes. this has implications in terms of information, discrimination and the Natural Rate Hypothesis.
Опубликовано на портале: 08-12-2002Andrew B. Abel, Janice C. Eberly American Economic Review. 1994. Vol. 84 . No. 1. P. 1369-1384.
This paper extends the theory of investment under uncertainty to incorporate fixed costs of investment, a wedge between the purchase price and sale price of capital, and potential irreversibility of investment. In this extended framework, investment is a non-decreasing function of q, the shadow price of installed capital. There are potentially three investment regimes, which depend on the value of q relative to two critical values. For values of q above the upper critical value, investment is positive and is an increasing function of q, as is standard in the theory branch of the adjustment cost literature. For intermediate values of q, between two critical values, investment is zero. Although this regime features prominently in the irreversibility literature, it is largely ignored in the adjustment cost literature. Finally, if q is below the lower critical value, gross investment is negative, a possibility that is ruled out by assumption in the irreversibility of literature. In general, however, the shadow price q is not directly observable, so we present two examples relating q to observable varieties.
Опубликовано на портале: 04-12-2002Michael F. Bryan Federal Reserve Bank of Cleveland. 1997.
A historical look at the origin and uses of the word inflation, arguing that although the term has become nearly synonymous with "price increase," its original meaning--a rise in the general price level caused by an imbalance between the quantity of money and trade needs--is the definition driving many of those who advocate an anti-inflation policy for the Federal Reserve.