University Education Fees,Economic Rents and Distributive Justice

In this article I defend the claim that subsidies for university education should be substantially reduced. The normative justification for this conclusion derives from a theory of distributive justice called the Compensation Theory of Income Justice, which is most easily understood as a normative version of the positive economic theory of compensating differentials. Relying on the distinction between incentives and economic rents, and after considering two ‘received opinions’ about why large income differentials exist in modern societies, I note that substantial portions of above‐average incomes are likely to be artificial monopoly rents, rather than incentives or natural monopoly rents. Under the Compensation Theory of Income Justice the earning of artificial monopoly rents is not justified. Since subsidisation of university education fees increases lifetime artificial rents, the theory would recommend such subsidies be substantially reduced. I defend this conclusion against objections, the most notable of which is the view that university subsidies help to improve equality of opportunity to university education. I explain how it is possible to maintain the laudable aim of providing equality of opportunity while reducing the subsidisation and, as a consequence, the lifetime artificial rents.     

Personality Traits,Income, and Economic Ideology

While the psychological underpinnings of social ideology are well established, less is known about the psychological underpinnings of economic ideology. In this study, I assess whether Big Five personality traits are associated with economic ideology and when personality traits are more strongly or more weakly associated with economic ideology. I hypothesize that low income attenuates the association between the Big Five traits and economic ideology. Studies conducted in Denmark, the United Kingdom, and the United States show that Conscientiousness is positively correlated with economic conservatism, while Agreeableness and Neuroticism are negatively correlated with economic conservatism. Moreover, low income attenuates the association between personality traits and economic ideology. I report a weaker association between Agreeableness and economic ideology among poor people compared to wealthier people in all three countries. Low income also attenuates the association between economic ideology and the traits Openness (Denmark), Extraversion (United Kingdom), and Neuroticism (United States). I contribute to the literature addressing the psychological correlates of economic ideology by showing that (1) economic ideology has a distinct set of personality correlates and (2) low income attenuates the association between some personality traits and economic ideology.     

Economic Freedom,Income Inequality and Life Satisfaction in OECD Countries

Since Piketty’s Capital in the 21st Century in 2014, scientific interest into the impact of income inequality on society has been on the rise. However, little is known about the mediating role of income inequality in the relationship between market institutions and subjective well-being. Using panel analysis on a sample of 21 OECD countries to test the effects of five different types of economic freedom on income inequality, we find that fiscal freedom, free trade and freedom from government regulation increase income inequality, whereas sound money decreases income inequality. Income inequality is found to have a negative effect on life satisfaction. Mediation tests show that income inequality mediates the influence of fiscal freedom, free trade and freedom from government regulation on life satisfaction.     

Happiness, Income, and Beyond

This commentary to Carol Graham’s paper deals with the nature of the relationship between income and happiness. Carol Graham focuses her contribution on what I call the positive-coefficient hypothesis in economic theory; which states that, on average, well-being rises with income. The hypothesis was first questioned by Richard Easterlin’s pioneering work and it has captured a lot of attention from happiness researchers during the last decade. My contribution deals with a related hypothesis, which I call the close-relationship hypothesis in economic theory. The hypothesis states that a person’s income is a good predictor of his or her well-being. I show that this hypothesis is rejected by happiness research, and I discuss the implications of this rejection.     

Self-Monitoring,Surveillance, and Incentive Effects on Cheating

Abstract

Dishonest behavior is influenced by situational and personality factors. To assess the role of self-monitoring in cheating, 110 American undergraduates completed Snyder's (1974) self-monitoring scale and attempted to negotiate complex mazes designed to allow and assess cheating under close and loose surveillance. In addition, half of the subjects were offered a performance-contingent incentive. Results indicate that surveillance reduced dishonesty and that low self-monitors' comparative lack of concern regarding self-presentation interacted with incentives to increase dishonesty.     

Wickedness,Idleness and Basic Income

Res Publica - This paper critically analyses the position that basic income schemes foster idleness and thereby create harm. The view is based on an alleged empirical link between idleness and...     

Basic Income, Self-Respect and Reciprocity

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The Impact of Incentive Compensation on the Salesperson's Work Habits: An Economic Model

Abstract

This paper provides a theoretical framework for assessing the likely impact of variations in the remuneration level on a salesperson's income and sales. It is shown how salespeople who display various behavioral responses to financial incentives should have different sets of values for two observable and measurable elasticities e_i and es (elasticities of income and sales with respect to remuneration). The behavioral responses to financial incentives under consideration are: Salespersons are (1) money sensitive, (2) unresponsive to financial incentives, (3) leisure sensitive, (4) income satisfiers, and (5) “irrational”. The theory can be applied by observing and measuring the two elasticities e_i and e_s, and then inferring salespeople's work habits. The theory is consistent with some empirical data. Practical and normative implications for sales force motivation, compensation plan design, and recruiting are discussed.     

Threat Sensitivity, Incentive Sensitivity, and the Experience of Relief

ABSTRACT Relief is a positively valenced affect that occurs when a threat is removed or avoided. Among dimensional theories, this experience is accounted for by appealing to one of two different self-regulatory systems. Some hold that an approach system is responsible for all types of positively valenced affect, including this one. Others hold that an avoidance system is responsible for this particular positive affect. Two studies are reported (total N =422) that examined this issue, using a method in which individual differences in overall threat sensitivity and incentive sensitivity were assessed and related to responses to relief-related hypothetical scenarios. Threat sensitivity was the strongest positive correlate of relief in both studies. Reward responsiveness also related positively (independently) to relief. Fun seeking related inversely to relief. Discussion centers on theoretical implications of the findings for viewing effects of threat sensitivity, and on relations between dimensional and appraisal-based views of affective experience.     

Recognition of Faces: Own-Race Bias,Incentive, and Time Delay1

The ability of whites and blacks to correctly identify previously-seen faces of each race was assessed in a factorial design varying the length of time between inspection and recognition phases (immediate, 2 days, or 7 days) and incentive (possibility of monetary reward for accurate recognition). Recognition of faces of males was poorer after the longer time delays, but no comparable delay over time occurred for pictures of females. Subjects' criteria for responding became more lax after the longer time delays. Incentive had no significant direct impact on recognition accuracy or on subjects' criterion levels. A significant degree of own-race bias in recognition accuracy occurred, but only among whtte subjects. An own-race bias in response criteria occurred with subjects of both races. Implications of these findings are discussed.     

Incentive Salience and Improved Performance

Using data from 441 call center employees at a large North American financial services firm, we studied how the frequency of thinking about an incentive available for performance led to increased output on an important performance metric. We find that people think more frequently about noncash tangible incentives (merchandise and travel) than cash incentives and that as the frequency of thought increases, performance increases. This leads to a larger performance boost for tangible incentives compared to a cash incentive of equal purchasing power. These results show an additional benefit from the use of tangible incentives and help answer the question regarding the psychological processes which make incentives motivating.     

Gender, Perceptions of Incentive Value, and Cardiovascular Response to a Performance Challenge

One hundred fifteen US undergraduates primarily of African and European heritage were presented an easy or difficult memory challenge and led to believe they could secure a traditionally feminine incentive by meeting it. As expected, heart rate responses during the work period were stronger under difficult- than easy conditions among women, but low under both difficulty conditions among men. Systolic- and diastolic blood pressure responses during the period were similar except that they were relatively elevated in men under both difficulty conditions. Findings support the suggestion that gender effects in studies of cardiovascular response to performance challenge may be partially understood in terms of effort processes occurring where men and women place different value on available performance incentives.     

Income Inequality and Subjective Wellbeing: Trends,Challenges, and Research Directions

Research findings on the consequences of income inequality for subjective wellbeing (i.e. life satisfaction and happiness) remain inconclusive. Some researchers report a positive spill-over from income inequality, others report negative effects, and still others find no significant outcomes whatsoever. Therefore, it remains unclear whether people living in areas of high income disparity feel better off or less well off than people living in environments where everyone is more equal. This paper provides a critical discussion of recent research on the inequality-wellbeing link and suggests strategies for social scientists seeking new insights into the consequences of income inequality for subjective welfare.     

Work,Domination, and the False Hope of Universal Basic Income

Res Publica - Universal basic income (UBI) is increasingly proposed as a simple answer to the problem of domination at work—one policy whose knock-on effects will transform the balance of...     

Income,Motivation, and Satisfaction with Life: An Empirical Analysis

This paper focuses on how different types of motivations can condition satisfaction with life, studying whether individual heterogeneity in motivations affects the relationship between income and life satisfaction and whether the relationship between motivation and satisfaction differs for people in different income-groups. Data used in this study comes from the World Values Survey and the focus is placed on the relationship between income, motivation and satisfaction with life. Once variables such as gender, age, religion, health or education are controlled for, we find that different motivations significantly affect individual wellbeing. Moreover, our results suggest that moving from extrinsic to intrinsic motivation leads individuals to enjoy greater satisfaction with life. This is so independent of the level of income, but the role of intrinsic motivation is particularly significant for people in the low-income class. Life satisfaction also increases, within extrinsic motivation, when moving from importance placed on a good income to focusing on security and, within intrinsic motivation, when moving from emphasis placed on social relatedness to an increased feeling of accomplishment. Overall, our results suggest that different goals and intended outcomes condition individual’s perceptions of wellbeing, with intrinsic motivations being crucial in attaining greater levels of satisfaction with life.     

Salvation,Damnation, and Economic Incentives

Doctrines of salvation and damnation of the major world religions—Hinduism, Buddhism, Christianity, and Islam—provide different incentives for performing economic activities and charitable deeds. A comparative analysis of the four religions shows that each promotes accumulation of wealth and hard work, while discouraging idleness, debt, and poverty. The primary difference across the religions is with respect to charity. Religions that allow believers to contribute to their own salvation tend to emphasize varieties of selective charity. Religions that hold salvation is only possible through divine selection stress universal charity.