An example of irrationality? A colleague at another university was offered a buy-out: A full year’s pay if he would resign/retire at the end of the current semester. At the same time his school also offered a phased retirement deal: Two years at half pay, with half a usual teaching load.
This economist chose to take the phased retirement, thus choosing the same pay, but teaching four courses over two years instead of no teaching. I think he’s crazy; but I think you can write down a utility function that is consistent with his behavior and violates none of our assumptions about preferences.
Should professors have tenure? The question, debated recently on this blog, misses the mark—as do the usual answers, whether “yes,” “no,” or “maybe.”
On the “no” side, it is argued that tenure protects incompetent spongers. A very reliable (tenured) colleague, at a university that shall remain nameless, tells me of professors whose interests are no longer intellectual and who spend their time playing the real estate market. Their research productivity, measured in grant dollars or papers, is low; thus, the university is angry. Their teaching is also substandard, yet not quite abysmal enough to get them fired. To urge them to resign, the department punishes them… by assigning extra teaching!
On the “yes” side, it is argued that tenure protects academic freedom. That point is made by my colleague on this blog Dan Hamermesh. Ten years ago I agreed with him. I would not have imagined my future self happy as an associate professor at Olin College of Engineering: Olin offers six-year renewable contracts instead of tenure. Now I see Olin’s system as a reasonable alternative to tenure, for I no longer believe that tenure supports academic freedom. Read More »
The Chronicle of Higher Education is running the second installment of an interesting two-part essay on the declining expectations and level of learning taking place among college undergrads. Read More »
My Department chairman is mystified: You would think that with the crisis in public budgets, the demand for new economics faculty members would have shifted leftward. Similarly, with graduate students having delayed entry into the market, the supply of new Ph.D.s this year would have shifted rightward. Together, these changes should have lowered the price (wage) that the market pays new Ph.D.s. Read More »
How far will a degree from an elite college get you? Only in the door, says a new study of Israeli grads. Read More »
It’s final exam time, and my office is packed with a few of the 520 students in my bigger class. Although I’m pleased by their interest, I ask why they’re spending so much time on my course. The answer is that it’s the only final exam they have. Read More »
The Texas A&M University system has embarked on a new accountability program. For every department – indeed, for every professor – revenue generated and cost incurred are calculated; and profit – the difference – is reported. Each professor is presumably supposed to have a marginal revenue product above his/her compensation. Read More »
Closing the black-white – and the rich-poor – achievement gap is a frequent topic of conversation on this blog. Economist Christopher Avery takes a look (ungated version here) at one intervention aimed at closing the gap: providing college counselors for high-achieving, low-income students. Read More »