Abstract
Empirical work on Akerlof’s theory of gift exchange in labor markets has concentrated on the fair wage-effort hypothesis. In fact, however, the theory also contains a social component that stipulates that homogenous agents that are employed for the same wage level will exert more effort, resulting in higher rents and higher market efficiency, than agents that receive different wages. We present the first test of this component, which we call the fair uniform-wage hypothesis. In our laboratory experiment, we establish the existence of a significant efficiency premium of uniform wages. However, it is not the consequence of a stronger level of reciprocity by agents, but of the retrenchment of sanctioning options on the side of principals with uniform wages. Hence, implementing limitations to contractual freedom can have efficiency-enhancing effects.
Dokumententyp: | Paper |
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Keywords: | gift exchange; multiple agents; uniform contracts; collective wage; experiment |
Fakultät: | Volkswirtschaft > Lehrstühle > Seminar für Experimentelle Wirtschaftsforschung |
Themengebiete: | 300 Sozialwissenschaften > 330 Wirtschaft |
JEL Classification: | C72, C91, C92, D21, J31, J50 |
URN: | urn:nbn:de:bvb:19-epub-20924-6 |
Ort: | Bonn |
Sprache: | Englisch |
Dokumenten ID: | 20924 |
Datum der Veröffentlichung auf Open Access LMU: | 30. Mai 2014, 07:43 |
Letzte Änderungen: | 04. Nov. 2020, 13:01 |
Alle Versionen dieses Dokumentes
- Testing a Forgotten Aspect of Akerlof’s Gift Exchange Hypothesis: Relational Contracts with Individual and Uniform Wages. (deposited 30. Mai 2014, 07:43) [momentan angezeigt]