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Morale hazard
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DOI：10.1016/j.jmoneco.2005.02.001.png)
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We interpret workers' confidence in their own skills as their morale, and investigate the implication of worker overconfidence on the firm's optimal wage-setting policies. In our model, wage contracts both provide incentives and affect worker morale, by revealing private information of the firm about worker skills. We provide conditions for the non-differentiation wage policy to be profit-maximizing. In numerical examples, worker overconfidence is a necessary condition for the firm to prefer no wage differentiation, so as to preserve some workers' morale; the non-differentiation wage policy itself breeds more worker overconfidence; finally, wage compression is more likely when aggregate productivity is low. (c) 2005 Elsevier B.V. All rights reserved.
Keyword:
overconfidence
worker morale
wage-setting policies
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4.1
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3.2K
被引数:
1.1W
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