#Edward P. Lazear

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Incentives in the Workplace

Symposium: Incentives in the Workplace 

“Labor is supplied because most of us must work to live. Indeed, it is called "work" in part because without compensation, the overwhelming majority of workers would not otherwise perform the tasks. The theme of this essay is that incentives affect behavior and that economics as a science has made good progress in specifying how compensation and its form influences worker effort. This is a broad topic, and the purpose here is not a comprehensive literature review on each of many topics. Instead, a sample of some of the most applicable papers are discussed with the goal of demonstrating that compensation, incentives, and productivity are inseparably linked.”             

Compensation and Incentives in the Workplace, by Edward P. Lazear                

“Empirical research in economics has begun to explore the idea that workers care about nonmonetary aspects of work. An increasing number of economic studies using survey and experimental methods have shown that nonmonetary incentives and nonpecuniary aspects of one's job have substantial impacts on job satisfaction, productivity, and labor supply. By drawing on this evidence and relating it to the literature in psychology, this paper argues that work represents much more than simply earning an income: for many people, work is a source of meaning...We conclude by suggesting some insights and open questions for future research.”

Nonmonetary Incentives and the Implications of Work as a Source of Meaning, by Lea Cassar and  Stephan Meier

“We study how changes in the distribution of occupations have affected the aggregate non-pecuniary costs and benefits of working. The physical toll of work is less now than in 1950, with workers shifting away from occupations in which people report experiencing tiredness and pain. The emotional consequences of the changing occupation distribution vary substantially across demographic groups. Work has become happier and more meaningful for women, but more stressful and less meaningful for men. These changes appear to be concentrated at lower education levels.”         

The Changing (Dis-)utility of Work, by Greg Kaplan and  Sam Schulhofer-Wohl                

American Economic  Association, Summer 2018: Journal of Economic Perspectives, Vol. 32, No. 3: Symposium: Macroeconomics a Decade after the Great Recession and  Symposium: Incentives in the Workplace (292 pages, PDF)               

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Edward P. Lazear, Economist and Presidential Adviser, Dies at 72 https://ift.tt/3m3ciXc

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In Memoriam: Edward P. Lazear Pioneering Labour Economist

“Edward P. Lazear, a pioneering labor economist at Stanford University who advised President George W. Bush during the financial crisis, died on Monday. He was 72...Professor Lazear may be best remembered as the founder of a field that has come to be known as personnel economics, which seeks to understand how businesses hire, retain and pay employees. He also founded the Journal of Labor Economics and the Society of Labor Economists.”

“’He was the most natural economist I ever came into contact with,’ said Paul Oyer, an economist at Stanford’s Graduate School of Business. ‘He was a deep economic natural thinker; he was born to be an economist.’”

“Professor Lazear wrote a seminal paper about the relationship between worker pay and a company’s productivity and profits; it was based on a case study of the Safelight Glass Company. Productivity at the business soared when it shifted from paying workers an hourly wage to paying them according to the number of windshields they repaired. Professor Lazear figured out that this improvement hadn’t come about just because people had worked harder to earn more money. Rather, he found, the shift in wage policy had changed the composition of the installers: Slower workers had left the company and faster workers had taken their jobs.”

The New York Times, November 25, 2020: Edward P. Lazear, Economist and Presidential Adviser, Dies at 72

NBER Working Paper 5672 Issued July 1996:  Performance pay and productivity, by Edward P Lazear

NBER Working Paper No. 4918 Issued in November 1994: An Economic Analysis of Works Councils by Richard B. Freeman, Edward P. Lazear.  NBER Program(s): Labor Studies Works councils, found in most Western European economies, are elected bodies of employees with rights to information, consultation, and in some cases co-determination of employment conditions at local workplaces, mandated by law.

1st (2015) - The Inaugural Morley Gunderson Lecture in Labour Economics and Industrial Relations

Speaker: Edward Lazear, Professor, Jack Steele Parker Professor of Human Resources Management and Economics, Stanford University, Graduate School of Business

Topic: Personnel Economics: Using Economic Theory and Econometrics to Understand Human Resources Issues (slides in PDF, 324 kb)

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Edward P. Lazear, Economist and Presidential Adviser, Dies at 72 https://ift.tt/364lLrE

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