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Personnel Economics is a subdiscipline of Labor Economics and Business Economics, in which microeconomic and econometric tools are used to analyze interactions of firms and employees. The field of personnel economics has evolved over the past decades and has received increasing attention at American Business Schools and also in economic research. The lecture is accompanied by an integrated exercise.

Part 0: Introduction

Part 1: External vs. Internal Labor Markets
1.1. External labor markets
1.1.1. Labor supply model
1.1.2. Labor demand model
1.1.3. Equilibrium market wage and employment
1.1.4. Compensating wage differentials
1.2. Internal labor markets and long-term employment relationships
1.2.1. Insurance model
1.2.2. Transaction costs
1.2.3. Human capital theory
1.3. Q&A, Exercises, Discussion

Part 2: Managing Turnover
2.1. Recruitment of employees
2.1.1. Selection
2.1.2. Raiding
2.2. Exits of employees
2.2.1. Quits
2.2.2. Layoffs
2.3. Labor flexibility
2.3.1. Dynamic labor demand and adjustment costs
2.3.2. Temporary workforce
2.3.3. Working time flexibility
2.4. Efficient allocation of employees (Internal labor turnover)
2.5. Q&A, Exercises, Discussion

Part 3: Managing Worker Codetermination
3.1. Works councils and codetermination
3.1.1. Communication between workers and management
3.1.2. Optimal level of codetermination
3.1.3. Empirical effects of works councils
3.2. Unions and collective contracts
3.2.1. Union organization and importance across countries
3.2.2. Monopoly union wage setting and employment
3.2.3. Efficient wage bargaining and employment
3.3. Q&A, Exercises, Discussion

Part 4: Managing Motivation and Remuneration
4.1. Agency theory and the need for incentives
4.1.1. Different objective functions and information asymmetries
4.1.2. Forms of principal-agency relationships
4.2. Time rates and efficiency wage theories
4.2.1. Input based remuneration
4.2.2. Labor as efficiency units
4.2.3. Non-shirking efficiency wage model
4.2.4. Turnover cost efficiency wage model
4.2.5. Adverse selection efficiency wage model
4.2.6. Fairness efficiency wage model
4.3. Piece rates and performance pay
4.3.1. Output based remuneration
4.3.2. Worker’s choice of work effort under piece rates
4.3.3. Problems in performance pay schemes
4.3.4. Design and effects of MBO bonus payments
4.4. Promotions and tournament theory
4.4.1. Wage hierarchies and promotion tournaments
4.4.2. Worker’s choice of work effort in tournaments
4.4.3. Problems in promotion tournaments
4.5. Seniority and deferred compensation schemes
4.5.1. Upward sloping wage-tenure profiles
4.5.2. Deferred compensation model
4.5.3. Problems and applications
4.6. Q&A, Exercises, Discussion

Borjas, G.J. (2010), Labor Economics, 5th edition, McGraw-Hill [B:Chapter].
Lazear, E.P., Gibbs, M. (2009), Personnel Economics in Practice, 2nd edition, Wiley & Sons [LG:Chapter].

Die Teilnehmer sollen befähigt werden strategische HRM Entscheidungen im Rahmen personalökonomischer Theorien zu analysieren. Außerdem soll den Teilnehmern die mikroökonometrische Forschung am Beispiel personalökonomischer Themen näher gebracht werden.

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