G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8831
DP8831 The Firm as the Locus of Social Comparisons: Internal Labor Markets versus Up-or-out
Guido Friebel; Emmanuelle Auriol
发表日期2012-02-01
出版年2012
语种英语
摘要We suggest a parsimonious dynamic agency model in which workers have status concerns. A firm is a promotion hierarchy in which a worker?s status depends on past performance. We investigate the optimality of two types of promotion hierarchies: (i) internal labor markets, in which agents have a job guarantee, and (ii) 'up-or-out', in which agents are fired when unsuccessful. We show that up-or-out is optimal if success is difficult to achieve. When success is less hard to achieve, an internal labor market is optimal provided the payoffs associated with success are moderate. Otherwise, up-or-out is, again, optimal. These results are in line with observations from academia, law firms, investment banks and top consulting firms. Here, up-or-out dominates, while internal labor markets dominate where work is less demanding or payoffs are more compressed, for instance, because the environment is less competitive. We present some supporting evidence from academia, comparing US with French economics departments.
主题Industrial Organization
关键词Incentives Promotion hierarchies Sorting Status
URLhttps://cepr.org/publications/dp8831
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/537667
推荐引用方式
GB/T 7714
Guido Friebel,Emmanuelle Auriol. DP8831 The Firm as the Locus of Social Comparisons: Internal Labor Markets versus Up-or-out. 2012.
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