Showing 1 - 10 of 12
In this paper we investigate the macro-economic equilibria of an economy in which credit contracts have both adverse selection and incentive effects. The terms of credit contracts include both an interest rate and a collateral requirement. We show that in this richer model all types of borrowers...
Persistent link: https://www.econbiz.de/10005710831
This paper analyzes a sorting model of labor contracts when workers have private information about their own productivities, and firms can test (monitor) workers. We show that sorting considerations alone generate steep wage-tenure profiles, high turnover rates of newly hired workers, and...
Persistent link: https://www.econbiz.de/10005710853
We have used a proprietary data set of newly hired semi-skilled production workers at one location of a large unionized firm to investigate several issues in labor economics. This data set is unique in several respects: the workers in our sample faced the same wage schedules, had the same...
Persistent link: https://www.econbiz.de/10005828913
This paper is concerned with three types of incentive programs. First, individual wage incentives that cause a worker's efforts to have a major effect on his pay. Second, group incentives in which the pay of an individual is determined by the output of a group of workers-a group can be as small...
Persistent link: https://www.econbiz.de/10005829840
Proprietary data for production workeis is analyzed to determine which aspects of productivity are affected by secondary schooling. The measures of productivity explored are: propensity to quit and be absent, phisical oatput per hour, and ability to perform complex tasks. The data suggests that...
Persistent link: https://www.econbiz.de/10005830885
Usinga detailed sample of semi-skilled production workers we find that holding a wide range of personal and job-related characteristics constant, workers assigned to more complex jobs seem to be more likely to quit than are workers assigned to simpler jobs. Job complexity has no discernible...
Persistent link: https://www.econbiz.de/10005774928
This paper presents and alternative perspective on the role of banks. We emphasize the ways in which banks act as social accountants and screening devices. In this view monetary disturbances have their effects through the disturbances which they induce in society's accounting system and in the...
Persistent link: https://www.econbiz.de/10005777312
We construct a model in which firms use workers' productivities in determining their job assignments. A worker's productivity must exceed some lower bound to satisfy the minimum qualifications for a particular job. If the worker's productivity exceeds some upper bound he is promoted. Under these...
Persistent link: https://www.econbiz.de/10005777858
Using data from the Panel Study of Income Dynamics and a proprietary sample of semi-skilled production workers, this paper investigates the reasons for the discontinuous increase in wages associated with graduation from high school. Associated with graduation from high school, we find a...
Persistent link: https://www.econbiz.de/10005778682
In this paper we analyze games in which there is trade between informed and uninformed players. The informed know the value of the trade (for instance, the value of their productivity in a labor market example); the uninformed only know the distribution of attributes among the informed. The...
Persistent link: https://www.econbiz.de/10005779050