Personnel Economics Application Paper - 1033 Words

Personnel Economics Application Paper Tournament is a kind of reward system where fixed rewards are used for a fixed group of people and the â€Å"distribution of rewards is based on the order of the participants’ performance† (Lazear amp; Oyer, 2009, p. 9). In this particular situation, four agents in one of Mitch amp; Murray’s offices are given a strong incentive to succeed in a sales tournament. Mitch amp; Murray uses a set of prizes that diminish in value as a person’s relative performance gets lower. The top seller will win himself a Cadillac, the second will win himself a set of steak knives, and the others will be out of job (Glengarry Glen Ross, n.d.). In response to the given prizes, four agents react in different ways. For Ricky†¦show more content†¦The good leads are locked in the office managers room and they will not be distributed until the end of the contest. (Glengarry Glen Ross, n.d.). After he realizes that no matter how hard he work, his sales performance will barely improve, he becomes desperate. At that point, the cost of effort for him is too high which makes the prize unachievable, and thus provides no incentive for him to exert effort anymore. With those old leads, luck becomes relatively more important to the final success and effort relatively less important. In such case, workers will try less hard to win because effort has a smaller effect on whether or not they win (Lazear amp; Oyer, 2009, p. 10). This is why he soon gives up working on the old leads but to flatter, threaten, and bribe the office manager to get good leads which can reduce the cost of his effort and diminish the importance of luck. However, the result is quite unexpected – His attempt to get good l eads does not work out so he finally helps Dave to steal and sell the good leads to another company. This result may not be explained by tournament theory but can be explained by economic theories – Homo economicus all want to maximize their own profit or utility at the lowest cost (Homo economicus, n.d.). Stealing and selling the leads may be a risky move but the profit it brings to Shelly exceeds the risk plus the profit he may gain from working on the old leads, and thatShow MoreRelatedThe Concept of Comparative Advantage1459 Words   |  6 Pagesinternational market place, for items for the production of which they do not possess a comparative advantage (Pullen, 2006). Today, the application of the comparative advantage is revealed mostly at the level of the leading economic powers in the world, who seek to create advantages in terms of exports, and as such maximize their gains (Acharya, 2008). 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