Abstract
This paper subscribes to the view that a key distinguishing feature of a firm is its social nature. We present a model in which hysteresis arises from the social interactions between employees. Employees have a simple response to incentives in the form of the pay available outside the firm relative to that available within the firm. Allowing for social interaction, whereby employees are influenced by the effort levels of fellow employees, leads to the distinctive effects, such as lazy relay responses to incentives, associated with hysteresis.
| Original language | English |
|---|---|
| Article number | 012011 |
| Number of pages | 12 |
| Journal | Journal of Physics: Conference Series |
| Volume | 811 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 3 Mar 2017 |
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Keywords
- hysteresis
- social interaction
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A model of hysteresis arising from social interaction within a firm. / Rios, Luis A.; Rachinskii, Dmitrii; Cross, Rod.
In: Journal of Physics: Conference Series , Vol. 811, No. 1, 012011, 03.03.2017.Research output: Contribution to journal › Article
TY - JOUR
T1 - A model of hysteresis arising from social interaction within a firm
AU - Rios, Luis A.
AU - Rachinskii, Dmitrii
AU - Cross, Rod
PY - 2017/3/3
Y1 - 2017/3/3
N2 - This paper subscribes to the view that a key distinguishing feature of a firm is its social nature. We present a model in which hysteresis arises from the social interactions between employees. Employees have a simple response to incentives in the form of the pay available outside the firm relative to that available within the firm. Allowing for social interaction, whereby employees are influenced by the effort levels of fellow employees, leads to the distinctive effects, such as lazy relay responses to incentives, associated with hysteresis.
AB - This paper subscribes to the view that a key distinguishing feature of a firm is its social nature. We present a model in which hysteresis arises from the social interactions between employees. Employees have a simple response to incentives in the form of the pay available outside the firm relative to that available within the firm. Allowing for social interaction, whereby employees are influenced by the effort levels of fellow employees, leads to the distinctive effects, such as lazy relay responses to incentives, associated with hysteresis.
KW - hysteresis
KW - social interaction
UR - http://www.scopus.com/inward/record.url?scp=85016330406&partnerID=8YFLogxK
U2 - 10.1088/1742-6596/811/1/012011
DO - 10.1088/1742-6596/811/1/012011
M3 - Article
VL - 811
JO - Journal of Physics: Conference Series
JF - Journal of Physics: Conference Series
SN - 1742-6588
IS - 1
M1 - 012011
ER -