Efficiency wages and the quality of job matching

Article Abstract:

The concept of efficiency wage is studied by examining workers' efforts in finding jobs and the quality of job matching. The efficiency wage theory postulates that there is a positive relationship between compensation offered by firms and worker's efforts in finding their jobs. Two conditions are considered. The first is that unemployment is due to high wage levels and job mismatch and secondly, job matching is a random variable. It is concluded that the second condition is more accurate since it is not apparent that quality of job matching falls with the efficiency wage.

Job hunting, Efficient market theory

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Are wages habit-forming? Evidence from micro data

Article Abstract:

The utility, or satisfaction realized by employees on the wages they receive assuming a certain level of consumption was studied by examining the attitudes of 2000 British employees regarding their wages and job satisfaction. The employees were not promoted and remained with the same employer. The findings suggest that there is a positive relationship between changes in wage 'waves' and satisfaction but not with wage levels. Employees who are paid lesser and are less well-educated experience higher levels of satisfaction with their pay increases.

Analysis, Labor economics, Job satisfaction

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Is there a decision weight phi function?

Article Abstract:

The principle that expected utility be maximized in the expected utility theory is negated in observations of risky situations. A prospect theory has been proposed to preserve the maximization principle. The theory replaces the objective probabilities where utility is weighted by subjective decision weights and indicates that overall prospect value is being maximized.

Decision theory

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