An uncertainty averse Knightian decision maker has a set of probability distributions over outcomes and chooses something other than the status quo only if the change increases the expected payoff according to all the distributions. It is possible to define a standardized degree of uncertainty...

Over 300 business people, labor leaders, business consultants, and counselors of unemployed people were interviewed during the recession of the early 1990's in order to learn why wages and salaries were declining in only a few firms. Employers believed that cutting pay would hurt employee...

Frontmatter -- CONTENTS -- ACKNOWLEDGMENTS -- 1 INTRODUCTION -- 2 METHODS -- 3 TIME AND LOCATION -- 4 MORALE -- 5 COMPANY RISK AVERSION -- 6 INTERNAL PAY STRUCTURE -- 7 EXTERNAL PAY STRUCTURE -- 8 THE SHIRKING THEORY -- 9 THE PAY OF NEW HIRES IN THE PRIMARY SECTOR -- 10 RAISES -- 11 RESISTANCE...