A model of hysteresis arising from social interaction within a firm

Luis A. Rios, Dmitrii Rachinskii, Rod Cross

Research output: Contribution to journalArticle

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.

LanguageEnglish
Article number012011
Number of pages12
JournalJournal of Physics: Conference Series
Volume811
Issue number1
DOIs
Publication statusPublished - 3 Mar 2017

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incentives
hysteresis
relay
interactions
Hysteresis
Employees
Social interaction
Incentives

Keywords

  • hysteresis
  • social interaction

Cite this

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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 journalArticle

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