Effort discretion economic agency and behavioral economics: Transforming economic theory and public policy

    Research output: Chapter in Book/Report/Conference proceedingChapter

    1 Citation (Scopus)

    Abstract

    Harvey Leibenstein made critical contributions to the theory of the firm and our appreciation of the importance of human agency to economic performance through his development of efficiency wage and X-efficiency theories. The former set the basis for contemporary efficiency wage theory such as developed by Akerlof (1980, 1982, 1984), Shapiro and Stiglitz (1984), and Stiglitz (1976, 1987). Although X-efficiency theory has not received the same press as efficiency wage theory, the latter is a sub-set of the former and has become central to a multitude of empirical works attempting to measure the extent to which efficiency deviates from the neoclassical ideal where it is assumed that effort input is maximized by economic agents (Frantz, 1997).

    Original languageEnglish
    Title of host publicationRenaissance in Behavioral Economics
    Subtitle of host publicationEssays in Honour of Harvey Leibenstein
    PublisherRoutledge Taylor & Francis Group
    Pages105-145
    Number of pages41
    ISBN (Print)0203020871, 9780203020876
    DOIs
    Publication statusPublished - 6 Jun 2007

    ASJC Scopus subject areas

    • General Business,Management and Accounting
    • Economics, Econometrics and Finance(all)

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