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Articles 1 - 30 of 37
Full-Text Articles in Economics
The Wage Gap Vs. The Total Compensation Gap, Kevin F. Hallock
The Wage Gap Vs. The Total Compensation Gap, Kevin F. Hallock
Economics Faculty Publications
Clearly, most organizations seek to have fair and objective pay practices. And, as a check, they sometimes take a data-driven look inside their companies to consider whether employees of different demographic characteristics are paid similarly or if there is some pay gap. But most organizations only consider wages or salaries in looking for such gaps. Existing research on pay preferences, however, shows that employees can value differently different kinds of pay. There are many massive demographic surveys of individuals which record, along with wage and salary earnings, information on individuals' schooling, gender, race, work hours, occupation, geographic location, etc. These …
Minneapolis Fed Should Expand — Not Limit — Ties With University Of Minnesota, Louis D. Johnston
Minneapolis Fed Should Expand — Not Limit — Ties With University Of Minnesota, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Employee Choice Over Pay Mix, Kevin F. Hallock
Employee Choice Over Pay Mix, Kevin F. Hallock
Economics Faculty Publications
Suppose the company set the level of pay and then let employees choose the fractions they wanted as guaranteed salary, stock options and at-risk bonus. The fraction in at-risk bonus was capped at 20% of total pay and the payout was between 0 and 2.5 times the amount put at-risk and was a function of individual and group performance. This is not a theoretical example; it's real. And, it is interesting for a variety of reasons, including that it is so extreme and because the organization invited some researchers inside to study the fascinating choices made by employees. They were …
Latest Nobel Prize Reflects How Economics Works — And What Economists Don’T Know, Louis D. Johnston
Latest Nobel Prize Reflects How Economics Works — And What Economists Don’T Know, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Looking Beyond Yellen: How To Build A Strong Bench At The Fed, Louis D. Johnston
Looking Beyond Yellen: How To Build A Strong Bench At The Fed, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Economics Behind Orchestra Dispute: Slouching Toward The Lake Wobegon Symphony, Louis D. Johnston
Economics Behind Orchestra Dispute: Slouching Toward The Lake Wobegon Symphony, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Why Is The U.S. Labor Force Declining And Struggling?, Louis D. Johnston
Why Is The U.S. Labor Force Declining And Struggling?, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
How To Keep The Bakken Oil Boom From Becoming A Bursting Bubble, Louis D. Johnston
How To Keep The Bakken Oil Boom From Becoming A Bursting Bubble, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Picking The Next Fed Chair: Debate Degenerates Into A Personality Contest, Louis D. Johnston
Picking The Next Fed Chair: Debate Degenerates Into A Personality Contest, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Compensation Research Summer Camp, Kevin F. Hallock
Compensation Research Summer Camp, Kevin F. Hallock
Economics Faculty Publications
This summer, the Institute for Compensation Studies at Cornell's ILR School hosted its first Emerging Scholars Conference, which the author affectionately calls Comp Camp. Their conference, funded in part by WorldatWork, hosted a dozen junior scholars, three PhD students, a few senior scholars and some leaders from the practical world (including some from WorldatWork). They convened experts from fields like sociology, psychology, economics, industrial relations and business on the Cornell campus in Ithaca, NY, for robust discussions of several as-yet-unpublished research studies. The conference had three interesting papers on gender by scholars from three fields using data from three countries. …
Pundits: The Confidence Trick: Better Confident Than Right?, Ben O. Smith, Jadrian Wooten
Pundits: The Confidence Trick: Better Confident Than Right?, Ben O. Smith, Jadrian Wooten
Economics Faculty Publications
Media pundits are the supreme example of self-belief and confidence in their own opinions. Through TV, newspapers and blogs they tell us with sublime certainty what will happen. But are they right? And does it matter if they are wrong? Ben Smith and Jadrian Wooten ask what we demand from pundits – accuracy or confidence?
Compensation Tournaments, Kevin F. Hallock
Compensation Tournaments, Kevin F. Hallock
Economics Faculty Publications
From beach volleyball and soccer to tennis and golf to playoffs for the Little League World Series, tournament play has lessons for workplace compensation. A tournament scheme can motivate workers the same if workers are risk neutral. A rich place to study tournament pay, performance, output, effort and the like is professional golf, because so much is measured. Great data are available on the incentive structure; for example, the distance in dollars between the first place price and the second place prize, and the distance in dollars between the second place prize and the third place prize, and so on.
Ceo Pay And Layoffs, Kevin F. Hallock
Ceo Pay And Layoffs, Kevin F. Hallock
Economics Faculty Publications
Whether CEO pay is linked with job loss or mass layoffs is not really a new question. The study that got the author started, and raised very interesting issues about job loss and compensation, looked at CEOs at a few dozen companies over one year. Separating companies into those that made a layoff announcement in the previous year and those that didn't, you will find that the CEOs who made at least one large layoff the previous year make a lot more than those who made no layoffs in the previous year. But, once one starts controlling for company and …
Economic Effects Of Extending Marriage To Same-Sex Couples, Louis D. Johnston
Economic Effects Of Extending Marriage To Same-Sex Couples, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Reinhart-Rogoff Economic Study Got It Wrong, And So Did The Political Reaction, Louis D. Johnston
Reinhart-Rogoff Economic Study Got It Wrong, And So Did The Political Reaction, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Baseball And Thoughts On Pay Dispersion In Teams, Kevin F. Hallock
Baseball And Thoughts On Pay Dispersion In Teams, Kevin F. Hallock
Economics Faculty Publications
The author really likes thinking about compensation, and he really likes thinking about baseball. He loves it when he can watch baseball and think about compensation. Some baseball teams pay relatively evenly across the team and others have wide dispersion (some players are paid at the league minimum and others are earning "superstar" rewards). There is research on whether teams with one of those strategies is relatively better off (in terms of, say, wins or profits) than the other, even after controlling for total payroll, players' quality and the like. A great virtue of studying baseball -- and perhaps one …
U Should Separate From Fairview And Hook Up With Mayo, Louis D. Johnston
U Should Separate From Fairview And Hook Up With Mayo, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Sequestration, Deficit, Debt? Our Real Problem Is The Future ‘Fiscal Gap’, Louis D. Johnston
Sequestration, Deficit, Debt? Our Real Problem Is The Future ‘Fiscal Gap’, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Connecting Social Provisioning And Functional Finance In A Post-Keynesian – Institutional Analysis Of The Public Sector, Zdravka Todorova
Connecting Social Provisioning And Functional Finance In A Post-Keynesian – Institutional Analysis Of The Public Sector, Zdravka Todorova
Economics Faculty Publications
This paper establishes connections between the frameworks of social provisioning and functional finance, and discusses a post-Keynesian–Institutionalist theory of the public sector that emerges out of these linkages. The concept of social provisioning has emerged out of Institutional economics, and has been further developed by institutional and other heterodox economists. Its potential as a methodological foundation that connects various heterodox approaches has received some growing attention. Such discussions have not referred in an analytical manner to functional finance. On the other hand, the principles of functional finance have been elaborated and developed outside an explicit grounding in a social provisioning …
Pay In Nonprofits, Kevin F. Hallock
Pay In Nonprofits, Kevin F. Hallock
Economics Faculty Publications
In the US, April 21-April 27 is National Volunteer Week, a time to recognize all those who work without pay to support important missions or causes championed by nonprofits. Many of the issues that come up when designing pay systems in for-profits (strategy, internal equity, performance, motivation, fairness, transparency, etc.) are as important to consider in nonprofits as they are in for-profits. But some of the facts and issues differ. Using a sample of data from the 2000 US Census of Population about approximately 3 million people between the ages of 16 and 65 who worked full year and full …
Minnesota Needs An Economic Report To The Governor — Just Like The President Gets, Louis D. Johnston
Minnesota Needs An Economic Report To The Governor — Just Like The President Gets, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Narayana Kocherlakota’S Evolution As A Central Banker, Louis D. Johnston
Narayana Kocherlakota’S Evolution As A Central Banker, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Valuing Employee Stock Options, Kevin F. Hallock
Valuing Employee Stock Options, Kevin F. Hallock
Economics Faculty Publications
It helps to remember that employee options and market-traded options are quite different. The difference between them makes valuing employee options more complicated, but it also offers a lesson about how the employer's cost for a given piece of the total rewards package may not be the same as its value to a given employee. Organizations too often miss this and, as a result, can find themselves leaving money on the table. A stock option is the right to buy a share of stock at a specific price (called the strike or exercise price) at some point in the future. …
Raising Minimum Wage Seems Best Anti-Poverty Option, Given Political Realities, Louis D. Johnston
Raising Minimum Wage Seems Best Anti-Poverty Option, Given Political Realities, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Walker Vs. Dayton Smackdown: Which Governor Has The Better Economy?, Louis D. Johnston
Walker Vs. Dayton Smackdown: Which Governor Has The Better Economy?, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Pay And Relative Income Within Couples, Kevin F. Hallock
Pay And Relative Income Within Couples, Kevin F. Hallock
Economics Faculty Publications
In "U.S. Labor Market Challenges Over the Longer Term," labor economist David Autor shows that the fraction of young adults who are currently married plummeted, dropping by 30% to 70% depending on gender, education and race/ethnicity (paper prepared for the Federal Reserve Board of Governors, 2010). At the same time, women's labor earnings have steadily increased. An interesting and provocative new working paper, "Gender Identity and Relative Income Within Households", by Marianne Bertrand, Emir Kamenica and Jessica Pan (working paper, November 2012), tries to determine how these two trends are related. One of the things Bertrand, Kamenica and Pan focus …
Evaluating The Economic Assumptions Of Dayton’S Budget, Louis D. Johnston
Evaluating The Economic Assumptions Of Dayton’S Budget, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Lessons To Learn From Dayton Brothers’ Fateful Decision In St. Paul, Louis D. Johnston
Lessons To Learn From Dayton Brothers’ Fateful Decision In St. Paul, Louis D. Johnston
Economics Faculty Publications
No abstract provided.
Four-Stage Dea Efficiency Evaluations: Financial Reforms In Public University Funding, G. Thomas Sav
Four-Stage Dea Efficiency Evaluations: Financial Reforms In Public University Funding, G. Thomas Sav
Economics Faculty Publications
Financial reforms in U.S. public higher education are well underway and are progressively replacing university enrollment based funding formulas with performance based models driven, in part, by graduation rates. Doing so, however, fails to account for the internal resource constraints and managerial efficiencies associated with production. Moreover, graduation rates are affected by external factors beyond the control of university decision-makers. This paper addresses these issues and uses a four-stage data envelopment analysis (DEA) model to evaluate university graduation rate performance. The four-stage DEA efficiencies correct for both environmental and statistical noise effects on university operations. Efficiency estimates control for the …
Private Philanthropy In Financing Public Universities: Fundraising Stochastic Frontier And Efficiency Evaluations, G. Thomas Sav
Private Philanthropy In Financing Public Universities: Fundraising Stochastic Frontier And Efficiency Evaluations, G. Thomas Sav
Economics Faculty Publications
This study provides stochastic frontier analyses of private philanthropy in financing public universities in the United States. Panel data estimates of private giving –fundraising production frontiers and inefficiency effects are provided for an aggregate of 353 universities and separately for research intensive, doctoral granting, and master level institutions over the 2006-09 academic years. Inefficiency effects are modeled as set of university specific covariates, including medical schools, hospitals, executive employment and a time trend to capture potential effects of the global financial crisis on university fundraising efficiency. Efficiency scores are estimated across university levels and indicate that mean efficiencies range from …