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- W2124188003 abstract "If policy prescriptions for compensation systems are to be useful, then they must be based on the empirical analysis of incentive effects; i.e., the elasticity of worker effort with respect to changes in the compensation system. We measure the elasticity of worker effort with respect to changes in the piece rate using panel data collected from the payroll records of a British Columbia tree-planting firm. Our data contain information on daily worker productivity and the piece rate received over a five-month period. We highlight the endogeneity problems inherent in traditional empirical analyses of compensation systems. In particular, employing regression methods, which use the sample covariance between piece rates and daily productivity to identify the incentive effect, we consistently estimate the elasticity of effort with respect to changes in the piece rate to be negative. Using a structural model to control for the endogeneity of the piece rate, we estimate the elasticity to be approximately 2.2. Structural estimation also allows us to perform policy experiments and to compare firm profits under alternative compensation systems. Our results suggest that profits would increase by at least 17 percent were the firm to implement the optimal contract as predicted by principal-agent theory. Pour que les previsions politiques a l'egard des systemes de compensation soient utiles, il faut qu'elles soient basees sur des analyses empiriques des effets incitatifs, i.e. l'elasticite de l'effort du travailleur par rapport aux changements dans le systeme de compensation. Nous mesurons l'elasticite de l'effort du travailleur par rapport aux changements dans la remuneration a la piece en utilisant des donnees longitudinales que nous avons colligees a partir des archives d'une compagnie qui s'occupe de plantation d'arbres en Colombie-Britannique. Nos donnees contiennent de l'information sur la productivite quotidienne des travailleurs ainsi que sur le taux de remuneration a la piece pendant une periode de 5 mois. Nous nous interessons plus particulierement aux problemes d'endogeneite inherents a l'analyse empirique traditionnelle des systemes de compensation. En employant des methodes de regression qui utilisent la covariance de l'echantillon entre la remuneration a la piece et la productivite quotidienne pour identifier l'effet incitatif, nous estimons que l'elasticite de l'effort par rapport aux changements dans la remuneration a la piece est negative. En employant un modele structurel qui controle l'endogeneite de la remuneration a la piece, nous estimons que l'elasticite est d'environ 2,2. L'application des methodes structurelles nous permet egalement de faire des experiences politiques et de comparer les profits de l'entreprise sous differents systemes de compensation. Nos resultats demontrent que les profits augmenteraient par au moins 17 % si l'entreprise adoptait le contrat optimal predit par la theorie du principal-agent." @default.
- W2124188003 created "2016-06-24" @default.
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- W2124188003 date "1997-01-01" @default.
- W2124188003 modified "2023-09-27" @default.
- W2124188003 title "On the Elasticity of Effort for Piece Rates: Evidence from the British Columbia Tree-Planting Industry" @default.
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