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Tag Archives: incentives
Want to encourage people to do something? Give them a monetary incentive: pay them to do it, or fine them if they don’t. This is the traditional economic answer. But over the years, various studies have shown that it isn’t … Continue reading
I’ve had some fraught experiences working in teams. Perhaps the most farcical was the Young Enterprise team I was part of at sixth form college. There we were, a bunch of optimistic unrealistic 16 and 17 year-olds, thinking we might … Continue reading
Efficiency. How economists love it. If you have microeconomist friend (or perhaps even a macroeconomist), you’ll probably already know about how amazing efficiency is. Efficiency. Economists like efficiency so much, they have three different names to describe three different kinds of exciting … Continue reading
I posted recently about work incentives and the difficult relationship between effort and money. A lot of traditional economic models assume that increasing monetary rewards increases the effort that workers choose to put in, and therefore performance. But sometimes, paying … Continue reading
The basic economic models of employee motivation focus on how much employees are paid. But of course we know that there many other factors that impact workers’ productivity, and we also know that the relationship between reward and performance is, … Continue reading