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品描述目录ABOUT THE AUTHORS vii
PREFACE ix
ACKNOWLEDGMENTS xv
PART ONE SORTING AND INVESTING IN EMPLOYEES 1
CHAPTER 1 SETTING HIRING STANDARDS 3
An Example: Hiring Risky Workers 3
New Hires as Options 3
Analysis 5
A Counterargument 7
Setting Hiring Standards 9
Balancing Benefits Against Costs 10
Foreign Competition 12
The Method of Production 13
How Many Workers to Hire? 16
Other Factors 17
Making Decisions with Imperfect Information 18
Make a Decision Independent of Analysis 18
Estimate the Relevant Information 19
Experiment 19
Summary 20
Study Questions 21
References 22
Further Reading 22
Appendix (available online) 22
CHAPTER 2 RECRUITMENT 25
Introduction 25
Screening Job Applicants 26
Credentials 27
Learning a Worker’s Productivity 28
Is Screening Profitable? For Whom? 31
Probation 32
Signaling 33
Who Pays, and Who Benefits? 36
Examples 37
Signaling More Formally: Separating and Pooling
Equilibria 38
Which Type of Firm is More Likely to use Signaling? 40
Summary 40
Study Questions 42
References 42
Further Reading 43
Appendix (available online) 43
CHAPTER 3 INVESTMENT IN SKILLS 47
Introduction 47
Matching 49
Investments in Education 50
Effects of Costs and Benefits 52
Was Benjamin Franklin Correct? 54
Investments in On the Job Training 57
General vs. Firm-Specific Human Capital 60
Who Should Pay for Training? 63
Implications of On the Job Training 69
Rent Sharing and Compensation 72
Implicit Contracting 74
Summary 75
Study Questions 77
References 78
Further Reading 78
Appendix (available online) 78
CHAPTER 4 MANAGING TURNOVER 81
Introduction 81
Is Turnover Good or Bad? 81
Importance of Sorting 82
Technical Change 83
Organizational Change 83
Hierarchical Structure 84
Specific Human Capital 84
Retention Strategies 84
Reducing Costs of Losing Key Employees 87
Embracing Turnover 88
Bidding for Employees 89
Raiding Other Firms: Benefits and Pitfalls 89
Offer Matching 93
Layoffs and Buyouts 96
Who to Target for Layoffs 96
Buyouts 99
Summary 104
Study Questions 105
References 105
Further Reading 106
Appendix (available online) 106
PART TWO ORGANIZATIONAL AND JOB DESIGN 107
CHAPTER 5 DECISION MAKING 109
Introduction 109
The Organization of an Economy 109
Markets as Information Systems 110
Markets as Incentive Systems 112
Markets and Innovation 112
Benefits of Central Planning 113
The Market as Metaphor for Organizational Design 114
Benefits of Centralization 117
Economies of Scale or Public Goods 117
Better Use of Central Knowledge 118
Coordination 118
Benefits of Decentralization 120
Specific vs. General Knowledge 120
Other Benefits of Decentralization 122
Authority and Responsibility 123
Decision Making as a Multistage Process 124
Flat vs. Hierarchical Structures 126
Investing in Better Quality Decision Making 133
Summary 136
Study Questions 138
References 138
Further Reading 139
Appendix (available online) 139
CHAPTER 6 ORGANIZATIONAL STRUCTURE 143
Introduction 143
Types of Organizational Structures 145
Hierarchy 145
Functional Structure 147
Divisional Structure 148
Matrix or Project Structure 153
Network Structure 155
Which Structure Should a Firm Use? 157
Coordination 158
Two Types of Coordination Problems 158
Coordination Mechanisms 160
Implementation 163
Span of Control and Number of Levels in a Hierarchy 163
Skills, Pay, and Structure 166
Evolution of a Firm’s Structure 167
Summary 168
Study Questions 170
References 170
Further Reading 171
CHAPTER 7 JOB DESIGN 173
Introduction 173
Patterns of Job Design 174
Optimal Job Design: Skills, Tasks, and Decisions 177
Multiskilling and Multitasking 177
Decisions 183
Complementarity and Job Design 184
When to Use Different Job Designs 186
Taylorism 186
Factors Pushing Toward Taylorism or Continuous Improvement 188
Intrinsic Motivation 192
Summary 194
Study Questions 197
References 197
Further Reading 198
Appendix (available online) 198
CHAPTER 8 ADVANCED JOB DESIGN 201
Introduction 201
Teams 202
Group Decision Making 202
Free Rider Effects 202
When to Use Teams 203
Other Benefits of Team Production 205
Implementation of Teams 209
Team Composition 212
Worker-Owned Firms 214
Effects of Information Technology 215
Effects on Organizational Structure 215
Effects on Job Design 219
High Reliability Organizations 222
Summary 224
Study Questions 226
References 226
Further Reading 227
Appendix (available online) 227
PART THREE PAYING FOR PERFORMANCE 231
CHAPTER 9 PERFORMANCE EVALUATION 237
Introduction 237
Purposes of Performance Evaluation 238
Ways to Evaluate Performance 238
Quantitative Performance Measurement 238
Risk Profile 239
Risk vs. Distortion: Performance Measure Scope 241
Match of the Performance Measure to Job Design 244
Manipulation 246
Subjective Evaluation 247
Why Use Subjective Evaluations? 248
The Benefits of Subjective Evaluations 251
Practical Considerations 253
Summary 257
Study Questions 258
References 259
Further Reading 259
CHAPTER 10 REWARDING PERFORMANCE 261
Introduction 261
How Strong Should Incentives Be? 264
Intuition 264
Imperfect Evaluations and Optimal Incentives 269
Summary: How Strong Should Incentives Be? 272
Paying for Performance: Common Examples 273
Rewards or Penalties? 273
Lump Sums, Demotions, or Promotions 276
Caps on Rewards 278
Applications 280
Profit Sharing and ESOPs 280
Organizational Form and Contracting 282
Motivating Creativity 284
Summary 285
Study Questions 286
References 287
Further Reading 287
Appendix (available online) 287
CHAPTER 11 CAREER-BASED INCENTIVES 293
Introduction 293
Promotions and Incentives 296
Should Promotions be Used as an Incentive System? 296
Promotion Rule: Tournament or Standard? 298
How Do Promotions Generate Incentives? 303
Advanced Issues 308
Turnover 312
Evidence 312
Career Concerns 313
Seniority Pay and Incentives 314
Practical Considerations 316
Summary 317
Study Questions 319
References 320
Further Reading 320
Appendix (available online) 321
CHAPTER 12 OPTIONS AND EXECUTIVE PAY 325
Introduction 325
Employee Stock Options 326
Stock Options–A Brief Overview 326
Should Firms Grant Employees Options? 327
Options as Incentive Pay 329
Executive Pay 333
What is the Most Important Question? 334
Executive Pay for Performance 334
Other Incentives & Controls 337
Do Executive Incentives Matter? 338
Summary 342
Employee Stock Options 342
Executive Pay 342
Study Questions 343
References 343
Further Reading 344
Appendix (available online) 344
PART FOUR APPLICATIONS 347
CHAPTER 13 BENEFITS 349
Introduction 349
Wages vs. Benefits 349
Why Offer Benefits? 353
Cost Advantage 353
Value Advantage 354
Government Mandate 356
Implementation of Benefits 357
Improving Employee Sorting 357
Cafeteria Plans 358
Pensions 360
Paid Time Off 368
Summary 371
Study Questions 372
References 373
Further Reading 373
CHAPTER 14 ENTREPRENEURSHIP AND INTRAPRENEURSHIP 375
Introduction 375
Entrepreneurship 376
The Choice to become an Entrepreneur 377
Intrapreneurship 385
Internal Markets 386
Creativity vs. Control 388
Speed of Decision Making 390
Reducing Bureaucracy 390
Continuous Improvement 391
Summary 393
Study Questions 393
References 394
Further Reading 395
Appendix (available online) 395
CHAPTER 15 THE EMPLOYMENT RELATIONSHIP 397
Introduction 397
Employment as an Economic Transaction 397
Perfect Competition 397
Imperfect Competition 398
Complex Contracting 400
Summary 402
Communication between Management andWorkers 403
Communication from Management to Workers 403
Communication from Workers to Management 405
The Decision to Empower Workers 408
Improving Cooperation 414
From the Prisoner’s Dilemma to Employment 417
Reputation and the Employment Relationship 418
Investing in Reputation 419
Summary 425
Personnel Economics in Practice 425
Study Questions 427
References 428
Further Reading 428
Appendix (available online) 429
GLOSSARY 435
INDEX 445
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