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The Future of Personnel Economics


  • Lazear, Edward P


Personnel economics has grown over the past 20 years to become a major branch of labour economics. Although much has been learned, many important questions remain. For example, are worker wage profiles dependent on individual attributes or is the firm more important in determining wage growth? Why are executives so highly paid and why does pay take the form that it does? How can cross-country differences in pay patterns be explained? Does variable pay provide better incentives than fixed hourly wages? Under which circumstances is one form of compensation used over another? These questions and others are investigated and some conjectures offered.

Suggested Citation

  • Lazear, Edward P, 2000. "The Future of Personnel Economics," Economic Journal, Royal Economic Society, vol. 110(467), pages 611-639, November.
  • Handle: RePEc:ecj:econjl:v:110:y:2000:i:467:p:f611-39

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    References listed on IDEAS

    1. Besley, Timothy & Case, Anne, 1995. "Incumbent Behavior: Vote-Seeking, Tax-Setting, and Yardstick Competition," American Economic Review, American Economic Association, vol. 85(1), pages 25-45, March.
    2. Piggott, John & Whalley, John, 1996. "The Tax Unit and Household Production," Journal of Political Economy, University of Chicago Press, vol. 104(2), pages 398-418, April.
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    2. Anthony Dobbins & Tony Dundon & Niall Culliname & Eugene Hickland & Jimmy Donaghey, 2015. "Weak regulation, game theory and ineffectiveness of the EU Information & Consultation Directive in liberal economies," Working Papers 15010, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    3. Bayer, Christian & Burhop, Carsten, 2009. "Corporate governance and incentive contracts: Historical evidence from a legal reform," Explorations in Economic History, Elsevier, vol. 46(4), pages 464-481, October.
    4. Macpherson, David A. & Prasad, Kislaya & Salmon, Timothy C., 2014. "Deferred compensation vs. efficiency wages: An experimental test of effort provision and self-selection," Journal of Economic Behavior & Organization, Elsevier, vol. 102(C), pages 90-107.
    5. Edward P. Lazear & Paul Oyer, 2012. "Personnel Economics," Introductory Chapters,in: Robert Gibbons & John Roberts (ed.), The Handbook of Organizational Economics Princeton University Press.
    6. Booth, Alison L. & Francesconi, Marco, 2000. "Collectivism versus individualism: performance-related pay and union coverage for non-standard workers in Britain," ISER Working Paper Series 2000-35, Institute for Social and Economic Research.
    7. Lazear, Edward, 2003. "Output-Based Pay: Incentives, Retention or Sorting?," IZA Discussion Papers 761, Institute for the Study of Labor (IZA).
    8. Edward P. Lazear, 1995. "Personnel Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262121883, July.
    9. John G. Sessions & Nikolaos Theodoropoulos, 2014. "Tenure, Wage Profiles and Monitoring," Research in Labor Economics,in: New Analyses of Worker Well-Being, volume 38, pages 105-162 Emerald Publishing Ltd.
    10. Bryce Stephens, 2005. "Wage Dispersion, Compensation Policy and the Role of Firms," Longitudinal Employer-Household Dynamics Technical Papers 2005-04, Center for Economic Studies, U.S. Census Bureau.
    11. Paul Hek & Daniel Vuuren, 2011. "Are older workers overpaid? A literature review," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 18(4), pages 436-460, August.
    12. von Davier, Zazie & Bahrs, Enno, 2007. "LEISTUNGSORIENTIERTE ENTLOHNUNG IN DER LANDWIRTSCHAFT ERGEBNISSE EINER EMPIRISCHEN ANALYSE (German)," 47th Annual Conference, Weihenstephan, Germany, September 26-28, 2007 7603, German Association of Agricultural Economists (GEWISOLA).
    13. Christian Zehnder & Holger Herz & Jean-Philippe Bonardi, 2016. "A Productive Clash of Cultures: Injecting Economics into Leadership Research," CESifo Working Paper Series 6175, CESifo Group Munich.
    14. Nick Adnett & Stephen Hardy, 2007. "The peculiar case of age discrimination: Americanising the European social model?," European Journal of Law and Economics, Springer, vol. 23(1), pages 29-41, February.
    15. Anat Bracha & Chaim Fershtman, 2013. "Competitive Incentives: Working Harder or Working Smarter?," Management Science, INFORMS, vol. 59(4), pages 771-781, April.
    16. Rothschild Kurt W., 2001. "A Note on “Economic Imperialism”," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(4), pages 440-447, August.
    17. Ourania Karakosta & Nikos Tsakiris, 2009. "Indirect Tax Reforms and Public Goods under Imperfect Competition," University of Cyprus Working Papers in Economics 5-2009, University of Cyprus Department of Economics.
    18. Bruce A. Rayton, 2010. "Labour Economics and Human Resource Management," Chapters,in: The Elgar Companion to Transaction Cost Economics, chapter 22 Edward Elgar Publishing.

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