Managerial Economics

Managerial Economics

Textbooks:
Brickley, J., Smith, C., & Zimmerman, J. (2009). Managerial economics and organizational architecture (5th ed.). New York: McGraw Hill/Irwin. ISBN: 978-0-07-337582-3.
W. Edwards Deming, often referred to as the leading quality guru in the United States, and psychologist Alfie Kohn support the idea that incentive pay is not a motivator for individuals to do a good job. Yet economists argue that incentive compensation does work and as economist George Baker notes in his 1993 article in the Harvard Business Review titled "Rethinking Rewards," "The problem is not that incentives can’t work but that they work too well." What does Baker mean? Discuss the importance of a well- developed compensation plan in attracting and retaining good employees and how to keep those plans from "working too well."

Please use some of following terminology in paper:

Reservation utilities
Human capital
Compensating wage differential
Explicit contracts
Internal labor market
Implicit contracts
Efficiency wages
Fringe benefits
Optimal risk sharing
Risk aversion
Principal-agent model
Incentive compensation
Informativeness principle
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