TAILIEUCHUNG - Microeconomics for MBAs 52

Microeconomics for MBAs 52. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 15 Competitive and Monopsonistic Labor Markets 22 Because we took up the problems of forming and paying teams in an earlier chapter we only remind readers that team production creates special incentive problems. Making the teams small is one way to enhance incentives by making the contributions or lack thereof of each team member noticeable to others on the team. When workers are paid by salary they are given some assurance that their incomes will not vary with firm output which can go up and down for many reasons not under their control. For example how many socks a worker can stitch at the toe is dependent upon the flow of socks through the plant over which the workers who do the stitching may have no control. When workers are paid by the piece they are in effect asked to assume a greater risk that shows up in the variability of the income they take home. Granted piece rate may give the workers a higher average income. However in order for the piece rate system to work -- and be profitable for the firm -- the increase in expected worker productivity would have to exceed the risk premium that risk averse workers would demand. Piece rate or any other form of incentive compensation is not employed in many firms simply because the risk premium workers demand is greater than their expected increase in productivity. This is often the case because workers tend to be risk averse or reluctant to take chances or assume the costs associated with an uncertain and variable income stream . If paid by the work done workers would also have to worry about how changes in the general economy would affect their workloads and production levels. A downturn in the economy due to forces that are global in scope can undermine worker pay when pay is tied to output. When Du Pont introduced its incentive compensation scheme for its fibers division in 1988 -- under which a portion of the workers incomes could be lost if profit goals were not achieved and could be multiplied if profit

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