TAILIEUCHUNG - Lecture Labour market economics: Chapter 13 - Dwayne Benjamin, Morley Gunderson, Craig Riddell

Chapter 13 - Optimal compensation systems. This chapter presents the following content: Internal and external labour markets, seniority and productivity over the lifecycle, superstar wages, mandatory retirement, CEO salaries, tenure, matching offers of raiding firms. | Chapter Thirteen Optimal Compensation Systems Created by: Erica Morrill, Fanshawe College © 2002 McGraw-Hill Ryerson Ltd. Chapter Focus Internal and external labour markets Seniority and productivity over the lifecycle Superstar wages Mandatory retirement CEO salaries Tenure Matching offers of raiding firms Chapter 13- © 2002 McGraw-Hill Ryerson Ltd. Compensation System Features may be peculiar and inefficient Internal labour markets contrary to neoclassical model Explaining these features is new area of of research Chapter 13- © 2002 McGraw-Hill Ryerson Ltd. Agency Theory and Efficiency Wage Theory Principal-agent theory Efficient contact Problems monitoring costs asymmetric information Leads to “truth-telling” contracts Efficiency Wages Wages affect productivity Paid according to MPL in the firm Causality can run both ways Chapter 13- © 2002 McGraw-Hill Ryerson Ltd. Economics of Superstars VMP reflects the size of the market contribution to the productivity of .

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