Effort for Payment

@article{Heyman2004EffortFP,
  title={Effort for Payment},
  author={James E. Heyman and Dan Ariely},
  journal={Psychological Science},
  year={2004},
  volume={15},
  pages={787 - 793}
}
The standard model of labor is one in which individuals trade their time and energy in return for monetary rewards. Building on Fiske's relational theory (1992), we propose that there are two types of markets that determine relationships between effort and payment: monetary and social. We hypothesize that monetary markets are highly sensitive to the magnitude of compensation, whereas social markets are not. This perspective can shed light on the well-established observation that people… Expand

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