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Market Incentives and Work Incentives: The Question of Flexible Production

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  • Drago, Robert
  • Turnbull, Geoffrey K

Abstract

The authors analyze the effects of demand elasticities on production where competitive firms confront common productivity variations. Firms with single worker-owners respond optimally to demand and productivity conditions. For principal-agent firms, Simon's employment relation is optimal, while tournaments, piece rates, quotas, and profit-sharing schemes are not. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Drago, Robert & Turnbull, Geoffrey K, 1991. "Market Incentives and Work Incentives: The Question of Flexible Production," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(1), pages 77-83, February.
    • Handle: RePEc:ier:iecrev:v:32:y:1991:i:1:p:77-83
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    Cited by:

    1. John S. Heywood & Uwe Jirjahn, 2014. "Variable Pay, Industrial Relations and Foreign Ownership: Evidence from Germany," British Journal of Industrial Relations, London School of Economics, vol. 52(3), pages 521-552, September.
    2. Uwe Jirjahn, 2018. "The adoption and termination of profit sharing for employees: does management’s attitude play a role?," Applied Economics, Taylor & Francis Journals, vol. 50(2), pages 108-127, January.
    3. Jirjahn, Uwe & Mohrenweiser, Jens, 2023. "Variable Payment Schemes and Productivity: Do Individual-Based Schemes Really Have a Stronger Influence than Collective Ones?," IZA Discussion Papers 16267, Institute of Labor Economics (IZA).
    4. Geoffrey Turnbull, 1993. "Incentive compatibility and the quantity-setting competitive firm under demand uncertainty," Journal of Economics, Springer, vol. 58(1), pages 77-90, February.
    5. Robert Drago, 1992. "Sales Contracts and Production Uncertainty," The Economic Record, The Economic Society of Australia, vol. 68(4), pages 343-350, December.
    6. Sirmans, G. Stacy & Sirmans, C. F. & Turnbull, Geoffrey K., 1999. "Prices, incentives and choice of management form," Regional Science and Urban Economics, Elsevier, vol. 29(2), pages 173-195, March.
    7. Sirmans, C. F. & Turnbull, Geoffrey K., 1997. "Brokerage Pricing under Competition," Journal of Urban Economics, Elsevier, vol. 41(1), pages 102-117, January.

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