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Motivation and markets

Record type: Monograph (Discussion Paper)

Many workers receive pay based on subjectively assessed performance, yet the shirking model of efficiency wages excludes it. This paper incorporates such pay, with the following results. Performance pay is more efficient than efficiency wages when the costs of having a job vacant are low and qualified workers in short supply. More capitl-intensive industries pay more than less capital-intensive industries, as observed in studies of interindustry wages differentials. Sustaining an efficient outcome requires a social convention similar to the notion of a fair wage. The model also makes predictions about the relationship between turnover, wages, growth and unemployment.

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Citation

MacLeod, W.B. and Malcomson, J.M. (1997) Motivation and markets , Southampton, UK University of Southampton (Discussion Papers in Economics and Econometrics, 9720).

More information

Published date: January 1997

Identifiers

Local EPrints ID: 33194
URI: http://eprints.soton.ac.uk/id/eprint/33194
PURE UUID: 8fd979dd-7e85-41e2-83de-749ff9e20e9a

Catalogue record

Date deposited: 25 Jan 2008
Last modified: 17 Jul 2017 15:53

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Contributors

Author: W.B. MacLeod
Author: J.M. Malcomson

University divisions


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