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Output-based Pay : Incentives or Sorting?
Lazear, Edward P. - 1999
of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests … received much attention, but that is consistent with may of the facts, is selection. Managers and industry specialists may have … information about a firm's prospects that is unavailable to outside investors. In order to induce managers to be truthful about …
Persistent link: https://www.econbiz.de/10012471362
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Rank-Order Tournaments as Optimum Labor Contracts
Lazear, Edward P. - 1979
This paper analyzes compensation schemes which pay according to an individual's ordinal rank in an organization rather than his output level. When workers are risk neutral, it is shown that wages based upon rank induce the same efficient allocation of resources as an incentive reward scheme...
Persistent link: https://www.econbiz.de/10012478746
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Personnel Economics
Lazear, Edward P. - 2007
In this review of the personnel economics literature, we introduce key topics of personnel economics, focus on some relatively new findings that have emerged since prior reviews of some or all of the personnel economics literature, and suggest open questions in personnel economics where future...
Persistent link: https://www.econbiz.de/10012465166
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Incentives in Basic Research
Lazear, Edward P. - 1996
Individuals involved in basic research, like other workers, respond to incentives. Funding agencies provide implicit incentives when they specify the rules by which awards are made. The following analysis is an exercise in understanding incentives at an applied level. Specific rules are examined...
Persistent link: https://www.econbiz.de/10012473420
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The Peter Principle : Promotions and Declining Productivity
Lazear, Edward P. - 2001
Many have observed that individuals perform worse after having received a promotion. The most famous statement of the idea is the Peter Principle, which states that people are promoted to their level of incompetence. There are a number of possible explanations. Two are explored. The most...
Persistent link: https://www.econbiz.de/10012470635
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Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity
Rotemberg, Julio J. - 1989
We construct a dynamic general equilibrium model in which the typical industry colludes by threatening to punish deviations from an implicitly agreed upon pricing path. We argue that models of this type explain better than do competitive models the way in which the economy responds to aggregate...
Persistent link: https://www.econbiz.de/10012475831
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Incentive Contracts
Lazear, Edward P. - 1986
Persistent link: https://www.econbiz.de/10012477157
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The Value of Bosses
Lazear, Edward P. - 2012
How and by how much do supervisors enhance worker productivity? Using a company-based data set on the productivity of technology-based services workers, supervisor effects are estimated and found to be large. Replacing a boss who is in the lower 10% of boss quality with one who is in the upper...
Persistent link: https://www.econbiz.de/10012460346
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Models of Currency Crises with Self-Fulfilling Features
Obstfeld, Maurice - 1995
The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria. After describing an illustrative model in which high unemployment may cause an exchange- rate crisis with...
Persistent link: https://www.econbiz.de/10012473585
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Dynamic Seigniorage Theory : An Exploration
Obstfeld, Maurice - 1989
inflation rate each period in a discretionary manner. One way to view the model is as a synthesis of the "tax-smoothing" theory …
Persistent link: https://www.econbiz.de/10012476187