Article1983

ECONOMIC CONSIDERATIONS IN ESTIMATING THE UTILITY OF HUMAN RESOURCE PRODUCTIVITY IMPROVEMENT PROGRAMS

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Human Resource Development and Performance Evaluation Psychometric Methodologies and Testing Health Systems, Economic Evaluations, Quality of Life

Abstract

Three economic concepts (variable costs, taxes, and discounting) are applied and incorporated into the previous utility formulas proposed by Brogden (1946, 1949), Cronbach and Gleser (1965), and Schmidt, et al. (1979, 1982). The resulting utility model indicates that the previous formulas are deficient and can produce upwardly biased utility estimates. Empirical examples based on published research (e.g., Schmidt, et al., 1982) are presented indicating the substantial magnitude of the bias given realistic levels of variable costs, taxes, and discount rates. The present utility model is used to adjust for such bias and is shown to provide a more complete and precise utility definition. Implications for future research are discussed.

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References

1981Principles of Corporate Finance.1984Costing Human Resources: The Financial Impact of Behavior in Organizations 1979Impact of valid selection procedures on work-force productivity.1966Psychological Tests and Personnel Decisions.1977A Survey of Capital Budgeting Techniques Used by Major U.S. Firms 1949When Testing Pays Off 1946On the interpretation of the correlation coefficient as a measure of predictive efficiency.1982ASSESSING THE ECONOMIC IMPACT OF PERSONNEL PROGRAMS ON WORKFORCE PRODUCTIVITY

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1996STRATEGIC HUMAN RESOURCE MANAGEMENT WITHIN A RESOURCE‐CAPABILITY VIEW OF THE FIRM*1995Human Resource Management and Firm Performance: Testing a Contingency Model of Executive Controls 1999The role of human resource practices in petro-chemical refinery performance 1987The Recognition and Reward of Employee Performance 1985Role of recruitment in staffing utility analysis.1985Decision-theoretic utility analysis applied to employee separations and acquisitions.

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