Personnel Economics: Hiring and Incentives / Paul Oyer, Scott Schaefer.

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Oyer, Paul

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w15977.Publication details: Cambridge, Mass. National Bureau of Economic Research 2010.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: We survey the Personnel Economics literature, focusing on how firms establish, maintain, and end employment relationships and on how firms provide incentives to employees. This literature has been very successful in generating models and empirical work about incentive systems. Some of the unanswered questions in this area -- for example, the empirical relevance of the risk/incentive tradeoff and the question of whether CEO pay arrangements reflect competitive markets and efficient contracting -- are likely to be very difficult to answer due to measurement problems. The literature has been less successful at explaining how firms can find the right employees in the first place. Economists understand the broad economic forces -- matching with costly search and bilateral asymmetric information -- that firms face in trying to hire. But the main models in this area treat firms as simple black-box production functions. Less work has been done to understand how different firms approach the hiring problem, what determines the firm-level heterogeneity in hiring strategies, and whether these patterns conform to theory. We survey some literature in this area and suggest areas for further research.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w15977 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w15974 Global Banks and International Shock Transmission: Evidence from the Crisis /	nber w15975 Persuasion and empathy in salesperson-customer interactions /	nber w15976 Back on the Rails: Competition and Productivity in State-owned Industry /	nber w15977 Personnel Economics: Hiring and Incentives /	nber w15978 Why Has California's Residential Electricity Consumption Been So Flat since the 1980s?: A Microeconometric Approach /	nber w15979 The Labor Market in the Great Recession /	nber w1598 Capital Flows, Investment, and Exchange Rates /	Next

May 2010.

We survey the Personnel Economics literature, focusing on how firms establish, maintain, and end employment relationships and on how firms provide incentives to employees. This literature has been very successful in generating models and empirical work about incentive systems. Some of the unanswered questions in this area -- for example, the empirical relevance of the risk/incentive tradeoff and the question of whether CEO pay arrangements reflect competitive markets and efficient contracting -- are likely to be very difficult to answer due to measurement problems. The literature has been less successful at explaining how firms can find the right employees in the first place. Economists understand the broad economic forces -- matching with costly search and bilateral asymmetric information -- that firms face in trying to hire. But the main models in this area treat firms as simple black-box production functions. Less work has been done to understand how different firms approach the hiring problem, what determines the firm-level heterogeneity in hiring strategies, and whether these patterns conform to theory. We survey some literature in this area and suggest areas for further research.