Pay Peanuts and Get Monkeys? Evidence From Academia

Glenn Boyle

No 19041, Working Paper Series from Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation

Abstract: This article can be found at: The Berkeley Electronic Press Using some unique data from the New Zealand academic system this paper examines the relationship between worker quality and labour market value in a remuneration system that ignores opportunity cost differences. Based on a research assessment exercise undertaken in 2003 I find that the greater the difference between the value of a discipline's outside opportunities and its New Zealand academic salary the weaker its research performance in New Zealand universities. The latter apparently get what they pay for: disciplines in which compensation is lowest relative to opportunity cost are least able to recruit high-quality researchers. Paying peanuts attracts mainly monkeys.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:vuw:vuwcsr:19041

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