Raymond Fisman

Slide 1

Raymond FismanAn economists view of cultural change1Culture according to economistsTells us how to behave when we cant turn to a formal contract or set of rules for guidancepart conscience, part commitment, part coordination.

On the conscience of an average economist: culture is just about trigger strategies.2Economics of culture2Mostly think about do the right thing organizationally

Can think of it as substitute for rules on both dimensions.

The quote indicates that economists mostly think about culture in a terribly narrow view.

There are just 2 things I want to convey in my remarks on culture:

People have moved toward much more sophisticated notions of culture in economics, so this is really a bit of a strawman, esp if one thinks about economists who actually think about these things.There is some subtlety to the way things economists think about culture as equilibrium, which Ill talk about here, mainly with ref to 2 examplesCulture as commitmentWe cant write a perfect contract to describe our obligations to an organization

Informal agreements fill in the gaps

Where does our knowledge of informal agreements come from?The definition of almostCostly decisions and almost going off the rails3Economics of culture3Merely to make the point people have gone way beyond simple-minded notions of trigger strategies. Can cite no-asshole rule and Merck here if you like.

Also talk about how it provides some indication of how things might change need salient story. This is what leaders do. But thats not mostly what I want to talk about here. MostlyCulture as coordination4

Kiss, bow, or

The high cost of changing norms

Merging memo and meeting culturesEconomics of culture4Note that these are things that can be managed publicly. Much harder when you are dealing with stuff thats definitionally hidden. Thats where the bogota example comes inCulture and communication in the lab (Camerer and Weber)Subjects communicate via IM

Paid based on rapidity with which one subject (manager) can get another subject (employee) to identify a sequence of pictures

Part II: After a number of rounds, new employee is added, and manager must get both employees to identify pictures5Economics of culture5Merely to make the point people have gone way beyond simple-minded notions of trigger strategies. Can cite no-asshole rule and Merck here if you like.

Also talk about how it provides some indication of how things might change need salient story. This is what leaders do. But thats not mostly what I want to talk about here. MostlyCulture and communication in the lab (Camerer and Weber)6

Uday Rao, Cubeville, Lady with typewriter

Flowers in back, Macarena, Cupboard in back

Economics of culture6Merging cultures in the lab harder than we thought (Camerer & Weber)Subjects overestimate speed of merged firmAverage actual time: 86sAverage estimated time: 69s (p < 0.02)New and old subjects blame each other for failed communication7

Economics of culture7Merely to make the point people have gone way beyond simple-minded notions of trigger strategies. Can cite no-asshole rule and Merck here if you like.

Also talk about how it provides some indication of how things might change need salient story. This is what leaders do. But thats not mostly what I want to talk about here. MostlyReforming a culture of corruption

Super-citizen MockusEconomics of cultureChanging culture in Bogota

Economics of cultureChanging the culture of BogotaPublic acts (rather than private enforcement) helped to reinforce the change in norms

Participatory elements helped citizens signal their own commitment to new norms (and sanction those who didnt)10Economics of culture10Merely to make the point people have gone way beyond simple-minded notions of trigger strategies. Can cite no-asshole rule and Merck here if you like.

Also talk about how it provides some indication of how things might change need salient story. This is what leaders do. But thats not mostly what I want to talk about here. MostlyEconomics, culture, and cultural changeOrganizational economists are taking a more sophisticated, less under-socialized view of culture

Early work helps document the challenges to changing/merging cultures: Hopefully well have more to say next time on what to do about it11Economics of culture11Merely to make the point people have gone way beyond simple-minded notions of trigger strategies. Can cite no-asshole rule and Merck here if you like.

Also talk about how it provides some indication of how things might change need salient story. This is what leaders do. But thats not mostly what I want to talk about here. MostlyChart1245.4545454545251.8181818182210211.8181818182190.9090909091169.0909090909176.3636363636154.5454545455125.4545454545112.7272727273127.2727272727115.4545454545135.4545454545103.6363636364101.81818181829099.090909090971.8181818182115.454545454575.454545454573.636363636465.454545454577.272727272764.545454545569.090909090955.454545454564.545454545565.454545454561.818181818260.909090909159.090909090956.363636363657.272727272747.272727272757.272727272752.727272727345.454545454547.272727272749.090909090947.2727272727146.3636363636113.6363636364142.7272727273110.9090909091130119.09090909098079.0909090909105.45454545458069.090909090960.9090909091606072.727272727359.090909090958.181818181858.18181818186055.4545454545

Acquired firmAcquiring firmRoundCompletion time (seconds)Fig 2. Average completion times (11 merger sessions)

10-12W1W2E1E212002002102102300300200200317017014014042202201601605190190110110616016070707140140120120815015080809120120707010100100707011120120606012909070701311011070701470706060158080606016707060601770706060186060404019707060602060605050observernew empmanagerold emp160150100901101101101001001008070606070707070606092estimate5580807567.5Q1.16886Manager or employee you have been working with better (9) or worse (1) than averageQ1.25546Group would have been better (9) or worse (1) with other replacedQ1.35587Your task easy (9) or hard (1)Q1.45597Other's task easy (9) or hard (1)Q2.1686Manager/old employee better (9) or worse (1) than averageQ2.2665Other employee/new employee better (9) or worse (1) than averageQ2.3545Group would have been better (9) or worse (1) with other manager/new employeeQ2.4555Group would have been better (9) or worse (1) with other employee/new employeeQ2.5677Your task easy (9) or hard (1)Q2.6676Manager/old employee's task easy (9) or hard (1)Q2.7556Other employee/new employee's task easy (9) or hard (1)EW1man w tie holding paper25 ppl lady w laptop3man on left w laptop4lady in black blouse5office and guy touching mouth62 men7a tree8computers, a man touching a chair9man pointing at computer screen10bald guy11cubicles facing one another12lady touching a mouse13man showing a picture to woman14lady holding folder15man explaining164 ppl w headsets

10-17E2E1W1W213003003003002280280300300323023028028042102103003005170170210210617017020020071601601801808120120170170912012012012010120120180180118080120120129090150150137070100100141201201701701580809090168080110110178080808018808090901960609090208080100100observernew empmanagerold emp220180290180190180130130240130110110120120280160120110140130163.5estimate100100110105(800?)Q1.16774Manager or employee you have been working with better (9) or worse (1) than averageQ1.24567Group would have been better (9) or worse (1) with other replacedQ1.37877Your task easy (9) or hard (1)Q1.43864Other's task easy (9) or hard (1)Q2.1187Manager/old employee better (9) or worse (1) than averageQ2.2977Other employee/new employee better (9) or worse (1) than averageQ2.3956Group would have been better (9) or worse (1) with other manager/new employeeQ2.4765Group would have been better (9) or worse (1) with other employee/new employeeQ2.5468Your task easy (9) or hard (1)Q2.6488Manager/old employee's task easy (9) or hard (1)Q2.7543Other employee/new employee's task easy (9) or hard (1)EW1man w/ printoutguy in front of painting25 people in suits 1guy lecturing5 people 1woman water33 guys in white shirts 1 girlround table43 people 2 laptops cut off on rightwoman w/ notepad5guy playing w mouth in centerman looking at woman6columns w lights2 ppl empty desks7woman in white sweater talking to guy w computerwoman and man in front, plant8woman w black curly hairman cut off b/c telephone9guy in black short sleeve shirt3 to the right 3 to the back10balding man standing w papers black womanman standing in cubicle11cubicles can only see left arm woman in black stripesleft bottom woman in black12guy on left w computer cut offguy on the left in black13woman in polka dot suitwoman on right looking at computer14woman standing with file, woman sitting in black shirtcars outside window154 ppl in conference room, guy gesturing on right4 people female-male-fmeale-male164 ppl in row, woman closest with long blond hair3 females 1 male headphones

10-19E2E1W2W112102103003002160160300300321021017017041601602502505707017017067070220220710010014014087070160160950501301301050508080114040707012505060601360608080144040707015303011011016303060601730306060183030606019303060602030304040observernew empmanagerold emp10010090908070506050504040505040404040405058estimate5850805065Q1.16449Manager or employee you have been working with better (9) or worse (1) than averageQ1.24669Group would have been better (9) or worse (1) with other replacedQ1.37747Your task easy (9) or hard (1)Q1.47747Other's task easy (9) or hard (1)Q2.1339Manager/old employee better (9) or worse (1) than averageQ2.2557Other employee/new employee better (9) or worse (1) than averageQ2.3679Group would have been better (9) or worse (1) with other manager/new employeeQ2.4667Group would have been better (9) or worse (1) with other employee/new employeeQ2.5647Your task easy (9) or hard (1)Q2.6737Manager/old employee's task easy (9) or hard (1)Q2.7735Other employee/new employee's task easy (9) or hard (1)EW1man w/ paper3 people 2 amn w/ dark25 people 1 standing5 people 1woman one man standing on the right34 people 1 man w/ glasses and laptop4 people 1 laptop4man leaning over3 people 2 men w/ white shirts5cubicles man w/ fingerman in middle scratching nose6poles3 columns7plant7 people 1 man smiling looking at computer8arm6 people only see 596 1/2 people6 people 2 men standing around a lady10cubicles man standingtypewriter on the bottom right11cubicles back of manwindow on the upper left12cubicles woman's head6 people lady on the bottom right w/ headphones13slides3 person 1 man standing 2 ladies14blinds3 people 1 woman standing w/ folder15cabinet4 people 2 men 2 ladies16black man4 people w/ headphones

10-24W2W1E1E21300300300300225025020020032002001701704120120170170514014090906110110606071901906060813013070709808050501015015060601170704040129090505013707040401450504040155050404016606040401760603030185050404019404030302080803030observernew empmanagerold emp1009010080180120807050506060505050404040404075estimate6567.5604566.25Q1.16757Manager or employee you have been working with better (9) or worse (1) than averageQ1.28453Group would have been better (9) or worse (1) with other replacedQ1.37575Your task easy (9) or hard (1)Q1.46575Other's task easy (9) or hard (1)Q2.1757Manager/old employee better (9) or worse (1) than averageQ2.2755Other employee/new employee better (9) or worse (1) than averageQ2.3553Group would have been better (9) or worse (1) with other manager/new employeeQ2.4556Group would have been better (9) or worse (1) with other employee/new employeeQ2.574Your task easy (9) or hard (1)Q2.672Manager/old employee's task easy (9) or hard (1)Q2.773Other employee/new employee's task easy (9) or hard (1)EW1old man3 ppl man in middle standing2grid5 ppl all in black3confused4 in meeting left work on laptop4hunched3 work on laptop5asian on the phone6blurrynot clear picture7asian guyasian with woman standing beside8other floor spacehuge computers9floor spacethree and three10bald guyblack woman on right11white shirtwoman in black man in white12woman mouse clicking6 only one man13woman sitting smilingwoman on right working on computer14blindscar in background15man gesturing4 all on headsets16telephone operators4 man on right talking

10-31E1E2W1W213003002102102140140250250320020012012042002001001005130130707067070120120711011070708606050509100100606010707040401160606060126060606013505040401450506060154040505016606050501730304040184040505019303050502030303030observernew empmanagerold emp90909090130110606060608050505040405050404066.5estimate6046706059Q1.13857Manager or employee you have been working with better (9) or worse (1) than averageQ1.26545Group would have been better (9) or worse (1) with other replacedQ1.37768Your task easy (9) or hard (1)Q1.47767Other's task easy (9) or hard (1)Q2.1457Manager/old employee better (9) or worse (1) than averageQ2.2554Other employee/new employee better (9) or worse (1) than averageQ2.3645Group would have been better (9) or worse (1) with other manager/new employeeQ2.4646Group would have been better (9) or worse (1) with other employee/new employeeQ2.5348Your task easy (9) or hard (1)Q2.6486Manager/old employee's task easy (9) or hard (1)Q2.7634Other employee/new employee's task easy (9) or hard (1)EW1guy holding paper smiling3 ppl man standing smiling2formal meeting4 left facing standing guy3lady in red dress4 pppl, guy w glasses and laptop on left4old blond lady3 ppl woman in black5guy holding his mouthguy w finger on mouth6room w columnssecond floor7asian guy smilingfern8lady w dark curly hair4 computers facing, 2 ppl9NASA room3 to the right 3 to the back10black girl w guy behindman standing right talking to black lady11lady w buncut off hand12lady in flower dress cut offwoman right w headphones and mouse13slidesman standing middle w/ slides14blond lady w golden chainblond wavy haired woman in front15guy w pot behind himguy w thumbs16blond lady in front black guy in back4 ppl w headphones

11-2E2E1W2W112102102402402110110170170314014010010041201201001005909080806120120100100711011070708909060609110110505010909050501160605050127070404013707030301460605050156060303016505040401760604040184040303019505030302040403030observernew empmanagerold emp60601001009090909050505050505040405050505063estimate7040704960Q1.15778Manager or employee you have been working with better (9) or worse (1) than averageQ1.25545Group would have been better (9) or worse (1) with other replacedQ1.37858Your task easy (9) or hard (1)Q1.46857Other's task easy (9) or hard (1)Q2.1587Manager/old employee better (9) or worse (1) than averageQ2.2667Other employee/new employee better (9) or worse (1) than averageQ2.3556Group would have been better (9) or worse (1) with other manager/new employeeQ2.4535Group would have been better (9) or worse (1) with other employee/new employeeQ2.5457Your task easy (9) or hard (1)Q2.6457Manager/old employee's task easy (9) or hard (1)Q2.7985Other employee/new employee's task easy (9) or hard (1)EW1guy in front of paintingman w printed tie2glass tilebriefcase and laptop on table3meeting, 4 ppl 1 womanwoman w strange stare43 around laptopclose up w 2 guys and a woman5sheepman w finger in nose62 pillarsman by pillar7asian studentchinese guy8one armed manlarge monitors9dark computer roomcontrol room10manager by black womanwoman w plant growing out of head11cubicle, dark collar guyfiling cabinet12cubicle, glasses and beard guywoman w mouse in her hand132 plants, guy and woman in middleplanted room14venetian blindswoman w black sweater and pencil in hand15cupboardman sitting at meeting w pencil in hand16cubicle side view4 people balck guy in back

5-5-00 11AME1E2W1W2127027029029022802801501503200200160160430030011011051301309090622022060607110110808081001006060990907070101301307070111001006060128080606013707060601460606060155050707016606060601760606060185050808019505050502050507070200110170170120120808080806050606070607070606091.5role 2observernew employeemanagerold employeeestimate10080658081.25Q1.19758Manager or employee you have been working with better (9) or worse (1) than averageQ1.26556Group would have been better (9) or worse (1) with other replacedQ1.39665Your task easy (9) or hard (1)Q1.49675Other's task easy (9) or hard (1)Q2.1267Manager/old employee better (9) or worse (1) than averageQ2.2546Other employee/new employee better (9) or worse (1) than averageQ2.3556Group would have been better (9) or worse (1) with other manager/new employeeQ2.4576Group would have been better (9) or worse (1) with other employee/new employeeQ2.5365Your task easy (9) or hard (1)Q2.6673Manager/old employee's task easy (9) or hard (1)Q2.7833Other employee/new employee's task easy (9) or hard (1)1row of headphonesheadsets2cupboard in backcoffee mugs3blinds in backnecklace/blinds4lady looking at picsman/woman/slides5guy w/moushatche and tiewhite screens / one black screen62 people front, 2 backblack-trimmed cubicles7row of plantsblack woman on typewriter8dark, 6 peopleopen space94 monitors10Asian guy11white columns12hand on moustache13lady w/ notepad144 people confused15squares in back16trinity

5-5-00 11AM00000000000000000000000000000000000000000000000000000000000000

EastCorpWestCorpRoundCompletion timeMerger 4-24-00 7PM

CIT 5-5-00 1PMWestCorpWestCorpEastCorpEastCorpOneTwoTwoOne130030025025022302301601603300300300300424024090905140140100100619019080807300300140140813013090909210210606010190190707011909070701210010070701380805050141001006060157070606016808070701780804040181201207070196060505020505060602118011022130130East was the acquiring firm231201002490902513013026909027707028707029707030606096.5role 2employeeemployeeobservermanagerestimate701001206087.5Q1.18777Manager or employee you have been working with better (9) or worse (1) than averageQ1.23547Group would have been better (9) or worse (1) with other replacedQ1.35553Your task easy (9) or hard (1)Q1.45573Other's task easy (9) or hard (1)Q2.1888Manager/old employee better (9) or worse (1) than averageQ2.2647Other employee/new employee better (9) or worse (1) than averageQ2.3633Group would have been better (9) or worse (1) with other manager/new employeeQ2.4563Group would have been better (9) or worse (1) with other employee/new employeeQ2.547Your task easy (9) or hard (1)Q2.687Manager/old employee's task easy (9) or hard (1)Q2.737Other employee/new employee's task easy (9) or hard (1)14 people, high cubicles, woman in foreground, African man in background2woman standing with manilla folders, blinds33 people, looking at slides43 people, I man standing with computer printout5medium cubicle, mostly women, man at left with glasses, dark shirt6low cubicles, man with thick glasses, thick moustache7low cubicles, man standing, white shirt, black tie, evaluating employee8dark room, 6 people, 2 men standing over a computer monitor9Dark room, 2 people looking at large monitors10No cubicles, an asian man and white woman in foreground smiling, tropical plants11Security camera shot, fuzzy. Pillars12low cubicles, man in center looking at us, had by his mouth133 people looking at laptop, two sitting down, one hunched over144 people at a meeting, man on left with glasses looking at laptop155 people, one presenting, stained glass behind him164 people, man expressive with his hands

CIT 5-5-00 1PM00000000000000000000000000000000000000000000000000000000000000

WestCorpEastCorpRoundCompletion timeMerger 5-05-00 1PM

CIT 5-5-00 4PMEastCorpWestCorpTwoOneOneTwo1170170250250210010019019031001001701704808015015056060120120650509090770701001008606060609707070701040406060115050707012505050501350505050144040404015505070701640404040173030505018404040401930304040203030404021100100227070West was acquiring firm23808024505025606026606027505028505029505030404061role 2employeeemployeeobservermanagerestimate4860704455.5Q1.19758Manager or employee you have been working with better (9) or worse (1) than averageQ1.26556Group would have been better (9) or worse (1) with other replacedQ1.39665Your task easy (9) or hard (1)Q1.49675Other's task easy (9) or hard (1)Q2.1267Manager/old employee better (9) or worse (1) than averageQ2.2546Other employee/new employee better (9) or worse (1) than averageQ2.3556Group would have been better (9) or worse (1) with other manager/new employeeQ2.4576Group would have been better (9) or worse (1) with other employee/new employeeQ2.5365Your task easy (9) or hard (1)Q2.6673Manager/old employee's task easy (9) or hard (1)Q2.7833Other employee/new employee's task easy (9) or hard (1)14 people, headsets2miniblinds3slides43 people, guy with paper5flower dress6computer lab7black woman8computer room, 2 guys standing 6 people92 large monitorstwo big monitors10guy smilingguy in center smiling11librarylibrary12cubicles, plaid shirthalf a plaid shirt133 people, 2 white shirts, 1/2 laptop3 people, half a laptop, guy leaning over144 people, guy at left at laptop4 people, guy on left with laptop15square glass panesglass panes in background16gesturesgestures

CIT 5-5-00 4PM00000000000000000000000000000000000000000000000000000000000000


CIT 5-23-00 1PMEastCorpWestCorpOneTwoTwoOne13003001601602180180190190320020012012041601601501505140140130130680801701707100100100100810010090909707050501025025080801170706060128080505013606060601460606060151201204040166060404017909030301860604040193030303020303030302117017022180180West was acquiring firm23250280241101102520013026100602760602850502950603010050121role 2observeremployeemanageremployeeestimate5685597769.25Q1.17777Manager or employee you have been working with better (9) or worse (1) than averageQ1.24633Group would have been better (9) or worse (1) with other replacedQ1.38576Your task easy (9) or hard (1)Q1.48576Other's task easy (9) or hard (1)Q2.1877Manager/old employee better (9) or worse (1) than averageQ2.2887Other employee/new employee better (9) or worse (1) than averageQ2.3743Group would have been better (9) or worse (1) with other manager/new employeeQ2.4625Group would have been better (9) or worse (1) with other employee/new employeeQ2.5547Your task easy (9) or hard (1)Q2.6684Manager/old employee's task easy (9) or hard (1)Q2.7424Other employee/new employee's task easy (9) or hard (1)13 ladies, 1 black guyblack guy on left2venetian blindswoman standing w/ notebook3slidesblack woman w/ negatives4guy standingguy standing w/ newspaper5lady w/ mouse; striped tieguy w/ funny eyeglasses6hand to his headglass doors in background7guy standing next to black girlguy standing over girl8big tiles on floor692 big monitorspicture x10asian guysmiley11columnswalkway12cowguy touching lip13guy hunchingguy pointing to computer14four w/ laptopguy w/ white laptop15glass wallpeople w/ water16guy speaking w/ handsguy making hand gestures

CIT 5-23-00 1PM00000000000000000000000000000000000000000000000000000000000000


CIT 5-23-00 4PMWestCorpEastCorpOneTwoOneOne11401402602602280280220220315015013013041301301201205120120707061601601001007100100808081101101001009707060601080807070117070606012909050501370703030146060505015505050501660605050174040303018606040401950503030206060404021230902225040East was acquiring firm238050243030251404026303027404028403029303030303065.5role 2observeremployeemanageremployeeestimate6048807565.75Q1.17567Manager or employee you have been working with better (9) or worse (1) than averageQ1.24553Group would have been better (9) or worse (1) with other replacedQ1.35756Your task easy (9) or hard (1)Q1.44758Other's task easy (9) or hard (1)Q2.1768Manager/old employee better (9) or worse (1) than averageQ2.2977Other employee/new employee better (9) or worse (1) than averageQ2.3353Group would have been better (9) or worse (1) with other manager/new employeeQ2.4535Group would have been better (9) or worse (1) with other employee/new employeeQ2.5478Your task easy (9) or hard (1)Q2.6382Manager/old employee's task easy (9) or hard (1)Q2.7943Other employee/new employee's task easy (9) or hard (1)1cubicles from side, blond woman4 people w/headsets2blinds, woman standingparking lot3light room, woman looking at slideswashed out4meeting w/ tapestry in back3 people, guys tanding in middle5cubicles, people holding mousesguy w/ mouse6L-shaped roomdark haired woman w/ headset7cublices w/ guy standingguy w/ paper, standing8dark computer room w/ 3 guys in frontzombies9big computer room4 computers, 2 people10palm treeplant11big room w/ pillarsaerial12cubicles w/ man on phonedabbing133 people, blond up front, man hunched over3 people, 1 standing pointing144people, dark haired woman second from right4 people, person on left w/ computer15man in front of square glass4 people sitting, 1 standing16mang gesticulating, cupboardshands

CIT 5-23-00 4PM00000000000000000000000000000000000000000000000000000000000000


Average00000000000000000000000000000000000000000000000000000000000000


WestCorpEastCorpAcquired firmAcquiring firm1245.5245.5251.8251.82210.0210.0211.8211.83190.9190.9169.1169.14176.4176.4154.5154.55125.5125.5112.7112.76127.3127.3115.5115.57135.5135.5103.6103.68101.8101.890.090.0999.199.171.871.810115.5115.575.575.51173.673.665.565.51277.377.364.564.51369.169.155.555.51464.564.565.565.51561.861.860.960.91659.159.156.456.41757.357.347.347.31857.357.352.752.71945.545.547.347.32049.149.147.347.321146.4113.622142.7110.923130.0119.12480.079.125105.580.02669.160.92760.060.02872.759.12958.258.23060.055.586.0454545455role 2observeremployeemanageremployeeestimate67.565.777.665.969.1625Q1.16.56.76.07.1Manager or employee you have been working with better (9) or worse (1) than averageQ1.25.05.14.65.5Group would have been better (9) or worse (1) with other replacedQ1.36.96.36.06.1Your task easy (9) or hard (1)Q1.46.36.36.45.8Other's task easy (9) or hard (1)Q2.14.86.47.3Manager/old employee better (9) or worse (1) than averageQ2.26.55.56.2Other employee/new employee better (9) or worse (1) than averageQ2.35.64.75.0Group would have been better (9) or worse (1) with other manager/new employeeQ2.45.54.95.4Group would have been better (9) or worse (1) with other employee/new employeeQ2.54.25.56.6Your task easy (9) or hard (1)Q2.65.16.95.0Manager/old employee's task easy (9) or hard (1)Q2.76.84.14.2Other employee/new employee's task easy (9) or hard (1)

00000000000000000000000000000000000000000000000000000000000000


Chart1245.4545454545251.8181818182210211.8181818182190.9090909091169.0909090909176.3636363636154.5454545455125.4545454545112.7272727273127.2727272727115.4545454545135.4545454545103.6363636364101.81818181829099.090909090971.8181818182115.454545454575.454545454573.636363636465.454545454577.272727272764.545454545569.090909090955.454545454564.545454545565.454545454561.818181818260.909090909159.090909090956.363636363657.272727272747.272727272757.272727272752.727272727345.454545454547.272727272749.090909090947.2727272727146.3636363636113.6363636364142.7272727273110.9090909091130119.09090909098079.0909090909105.45454545458069.090909090960.9090909091606072.727272727359.090909090958.181818181858.18181818186055.4545454545


10-12W1W2E1E212002002102102300300200200317017014014042202201601605190190110110616016070707140140120120815015080809120120707010100100707011120120606012909070701311011070701470706060158080606016707060601770706060186060404019707060602060605050observernew empmanagerold emp160150100901101101101001001008070606070707070606092estimate5580807567.5Q1.16886Manager or employee you have been working with better (9) or worse (1) than averageQ1.25546Group would have been better (9) or worse (1) with other replacedQ1.35587Your task easy (9) or hard (1)Q1.45597Other's task easy (9) or hard (1)Q2.1686Manager/old employee better (9) or worse (1) than averageQ2.2665Other employee/new employee better (9) or worse (1) than averageQ2.3545Group would have been better (9) or worse (1) with other manager/new employeeQ2.4555Group would have been better (9) or worse (1) with other employee/new employeeQ2.5677Your task easy (9) or hard (1)Q2.6676Manager/old employee's task easy (9) or hard (1)Q2.7556Other employee/new employee's task easy (9) or hard (1)EW1man w tie holding paper25 ppl lady w laptop3man on left w laptop4lady in black blouse5office and guy touching mouth62 men7a tree8computers, a man touching a chair9man pointing at computer screen10bald guy11cubicles facing one another12lady touching a mouse13man showing a picture to woman14lady holding folder15man explaining164 ppl w headsets

10-17E2E1W1W213003003003002280280300300323023028028042102103003005170170210210617017020020071601601801808120120170170912012012012010120120180180118080120120129090150150137070100100141201201701701580809090168080110110178080808018808090901960609090208080100100observernew empmanagerold emp220180290180190180130130240130110110120120280160120110140130163.5estimate100100110105(800?)Q1.16774Manager or employee you have been working with better (9) or worse (1) than averageQ1.24567Group would have been better (9) or worse (1) with other replacedQ1.37877Your task easy (9) or hard (1)Q1.43864Other's task easy (9) or hard (1)Q2.1187Manager/old employee better (9) or worse (1) than averageQ2.2977Other employee/new employee better (9) or worse (1) than averageQ2.3956Group would have been better (9) or worse (1) with other manager/new employeeQ2.4765Group would have been better (9) or worse (1) with other employee/new employeeQ2.5468Your task easy (9) or hard (1)Q2.6488Manager/old employee's task easy (9) or hard (1)Q2.7543Other employee/new employee's task easy (9) or hard (1)EW1man w/ printoutguy in front of painting25 people in suits 1guy lecturing5 people 1woman water33 guys in white shirts 1 girlround table43 people 2 laptops cut off on rightwoman w/ notepad5guy playing w mouth in centerman looking at woman6columns w lights2 ppl empty desks7woman in white sweater talking to guy w computerwoman and man in front, plant8woman w black curly hairman cut off b/c telephone9guy in black short sleeve shirt3 to the right 3 to the back10balding man standing w papers black womanman standing in cubicle11cubicles can only see left arm woman in black stripesleft bottom woman in black12guy on left w computer cut offguy on the left in black13woman in polka dot suitwoman on right looking at computer14woman standing with file, woman sitting in black shirtcars outside window154 ppl in conference room, guy gesturing on right4 people female-male-fmeale-male164 ppl in row, woman closest with long blond hair3 females 1 male headphones

10-19E2E1W2W112102103003002160160300300321021017017041601602502505707017017067070220220710010014014087070160160950501301301050508080114040707012505060601360608080144040707015303011011016303060601730306060183030606019303060602030304040observernew empmanagerold emp10010090908070506050504040505040404040405058estimate5850805065Q1.16449Manager or employee you have been working with better (9) or worse (1) than averageQ1.24669Group would have been better (9) or worse (1) with other replacedQ1.37747Your task easy (9) or hard (1)Q1.47747Other's task easy (9) or hard (1)Q2.1339Manager/old employee better (9) or worse (1) than averageQ2.2557Other employee/new employee better (9) or worse (1) than averageQ2.3679Group would have been better (9) or worse (1) with other manager/new employeeQ2.4667Group would have been better (9) or worse (1) with other employee/new employeeQ2.5647Your task easy (9) or hard (1)Q2.6737Manager/old employee's task easy (9) or hard (1)Q2.7735Other employee/new employee's task easy (9) or hard (1)EW1man w/ paper3 people 2 amn w/ dark25 people 1 standing5 people 1woman one man standing on the right34 people 1 man w/ glasses and laptop4 people 1 laptop4man leaning over3 people 2 men w/ white shirts5cubicles man w/ fingerman in middle scratching nose6poles3 columns7plant7 people 1 man smiling looking at computer8arm6 people only see 596 1/2 people6 people 2 men standing around a lady10cubicles man standingtypewriter on the bottom right11cubicles back of manwindow on the upper left12cubicles woman's head6 people lady on the bottom right w/ headphones13slides3 person 1 man standing 2 ladies14blinds3 people 1 woman standing w/ folder15cabinet4 people 2 men 2 ladies16black man4 people w/ headphones

10-24W2W1E1E21300300300300225025020020032002001701704120120170170514014090906110110606071901906060813013070709808050501015015060601170704040129090505013707040401450504040155050404016606040401760603030185050404019404030302080803030observernew empmanagerold emp1009010080180120807050506060505050404040404075estimate6567.5604566.25Q1.16757Manager or employee you have been working with better (9) or worse (1) than averageQ1.28453Group would have been better (9) or worse (1) with other replacedQ1.37575Your task easy (9) or hard (1)Q1.46575Other's task easy (9) or hard (1)Q2.1757Manager/old employee better (9) or worse (1) than averageQ2.2755Other employee/new employee better (9) or worse (1) than averageQ2.3553Group would have been better (9) or worse (1) with other manager/new employeeQ2.4556Group would have been better (9) or worse (1) with other employee/new employeeQ2.574Your task easy (9) or hard (1)Q2.672Manager/old employee's task easy (9) or hard (1)Q2.773Other employee/new employee's task easy (9) or hard (1)EW1old man3 ppl man in middle standing2grid5 ppl all in black3confused4 in meeting left work on laptop4hunched3 work on laptop5asian on the phone6blurrynot clear picture7asian guyasian with woman standing beside8other floor spacehuge computers9floor spacethree and three10bald guyblack woman on right11white shirtwoman in black man in white12woman mouse clicking6 only one man13woman sitting smilingwoman on right working on computer14blindscar in background15man gesturing4 all on headsets16telephone operators4 man on right talking

10-31E1E2W1W213003002102102140140250250320020012012042002001001005130130707067070120120711011070708606050509100100606010707040401160606060126060606013505040401450506060154040505016606050501730304040184040505019303050502030303030observernew empmanagerold emp90909090130110606060608050505040405050404066.5estimate6046706059Q1.13857Manager or employee you have been working with better (9) or worse (1) than averageQ1.26545Group would have been better (9) or worse (1) with other replacedQ1.37768Your task easy (9) or hard (1)Q1.47767Other's task easy (9) or hard (1)Q2.1457Manager/old employee better (9) or worse (1) than averageQ2.2554Other employee/new employee better (9) or worse (1) than averageQ2.3645Group would have been better (9) or worse (1) with other manager/new employeeQ2.4646Group would have been better (9) or worse (1) with other employee/new employeeQ2.5348Your task easy (9) or hard (1)Q2.6486Manager/old employee's task easy (9) or hard (1)Q2.7634Other employee/new employee's task easy (9) or hard (1)EW1guy holding paper smiling3 ppl man standing smiling2formal meeting4 left facing standing guy3lady in red dress4 pppl, guy w glasses and laptop on left4old blond lady3 ppl woman in black5guy holding his mouthguy w finger on mouth6room w columnssecond floor7asian guy smilingfern8lady w dark curly hair4 computers facing, 2 ppl9NASA room3 to the right 3 to the back10black girl w guy behindman standing right talking to black lady11lady w buncut off hand12lady in flower dress cut offwoman right w headphones and mouse13slidesman standing middle w/ slides14blond lady w golden chainblond wavy haired woman in front15guy w pot behind himguy w thumbs16blond lady in front black guy in back4 ppl w headphones

11-2E2E1W2W112102102402402110110170170314014010010041201201001005909080806120120100100711011070708909060609110110505010909050501160605050127070404013707030301460605050156060303016505040401760604040184040303019505030302040403030observernew empmanagerold emp60601001009090909050505050505040405050505063estimate7040704960Q1.15778Manager or employee you have been working with better (9) or worse (1) than averageQ1.25545Group would have been better (9) or worse (1) with other replacedQ1.37858Your task easy (9) or hard (1)Q1.46857Other's task easy (9) or hard (1)Q2.1587Manager/old employee better (9) or worse (1) than averageQ2.2667Other employee/new employee better (9) or worse (1) than averageQ2.3556Group would have been better (9) or worse (1) with other manager/new employeeQ2.4535Group would have been better (9) or worse (1) with other employee/new employeeQ2.5457Your task easy (9) or hard (1)Q2.6457Manager/old employee's task easy (9) or hard (1)Q2.7985Other employee/new employee's task easy (9) or hard (1)EW1guy in front of paintingman w printed tie2glass tilebriefcase and laptop on table3meeting, 4 ppl 1 womanwoman w strange stare43 around laptopclose up w 2 guys and a woman5sheepman w finger in nose62 pillarsman by pillar7asian studentchinese guy8one armed manlarge monitors9dark computer roomcontrol room10manager by black womanwoman w plant growing out of head11cubicle, dark collar guyfiling cabinet12cubicle, glasses and beard guywoman w mouse in her hand132 plants, guy and woman in middleplanted room14venetian blindswoman w black sweater and pencil in hand15cupboardman sitting at meeting w pencil in hand16cubicle side view4 people balck guy in back

5-5-00 11AME1E2W1W2127027029029022802801501503200200160160430030011011051301309090622022060607110110808081001006060990907070101301307070111001006060128080606013707060601460606060155050707016606060601760606060185050808019505050502050507070200110170170120120808080806050606070607070606091.5role 2observernew employeemanagerold employeeestimate10080658081.25Q1.19758Manager or employee you have been working with better (9) or worse (1) than averageQ1.26556Group would have been better (9) or worse (1) with other replacedQ1.39665Your task easy (9) or hard (1)Q1.49675Other's task easy (9) or hard (1)Q2.1267Manager/old employee better (9) or worse (1) than averageQ2.2546Other employee/new employee better (9) or worse (1) than averageQ2.3556Group would have been better (9) or worse (1) with other manager/new employeeQ2.4576Group would have been better (9) or worse (1) with other employee/new employeeQ2.5365Your task easy (9) or hard (1)Q2.6673Manager/old employee's task easy (9) or hard (1)Q2.7833Other employee/new employee's task easy (9) or hard (1)1row of headphonesheadsets2cupboard in backcoffee mugs3blinds in backnecklace/blinds4lady looking at picsman/woman/slides5guy w/moushatche and tiewhite screens / one black screen62 people front, 2 backblack-trimmed cubicles7row of plantsblack woman on typewriter8dark, 6 peopleopen space94 monitors10Asian guy11white columns12hand on moustache13lady w/ notepad144 people confused15squares in back16trinity

5-5-00 11AM00000000000000000000000000000000000000000000000000000000000000


CIT 5-5-00 1PMWestCorpWestCorpEastCorpEastCorpOneTwoTwoOne130030025025022302301601603300300300300424024090905140140100100619019080807300300140140813013090909210210606010190190707011909070701210010070701380805050141001006060157070606016808070701780804040181201207070196060505020505060602118011022130130East was the acquiring firm231201002490902513013026909027707028707029707030606096.5role 2employeeemployeeobservermanagerestimate701001206087.5Q1.18777Manager or employee you have been working with better (9) or worse (1) than averageQ1.23547Group would have been better (9) or worse (1) with other replacedQ1.35553Your task easy (9) or hard (1)Q1.45573Other's task easy (9) or hard (1)Q2.1888Manager/old employee better (9) or worse (1) than averageQ2.2647Other employee/new employee better (9) or worse (1) than averageQ2.3633Group would have been better (9) or worse (1) with other manager/new employeeQ2.4563Group would have been better (9) or worse (1) with other employee/new employeeQ2.547Your task easy (9) or hard (1)Q2.687Manager/old employee's task easy (9) or hard (1)Q2.737Other employee/new employee's task easy (9) or hard (1)14 people, high cubicles, woman in foreground, African man in background2woman standing with manilla folders, blinds33 people, looking at slides43 people, I man standing with computer printout5medium cubicle, mostly women, man at left with glasses, dark shirt6low cubicles, man with thick glasses, thick moustache7low cubicles, man standing, white shirt, black tie, evaluating employee8dark room, 6 people, 2 men standing over a computer monitor9Dark room, 2 people looking at large monitors10No cubicles, an asian man and white woman in foreground smiling, tropical plants11Security camera shot, fuzzy. Pillars12low cubicles, man in center looking at us, had by his mouth133 people looking at laptop, two sitting down, one hunched over144 people at a meeting, man on left with glasses looking at laptop155 people, one presenting, stained glass behind him164 people, man expressive with his hands

CIT 5-5-00 1PM00000000000000000000000000000000000000000000000000000000000000


CIT 5-5-00 4PMEastCorpWestCorpTwoOneOneTwo1170170250250210010019019031001001701704808015015056060120120650509090770701001008606060609707070701040406060115050707012505050501350505050144040404015505070701640404040173030505018404040401930304040203030404021100100227070West was acquiring firm23808024505025606026606027505028505029505030404061role 2employeeemployeeobservermanagerestimate4860704455.5Q1.19758Manager or employee you have been working with better (9) or worse (1) than averageQ1.26556Group would have been better (9) or worse (1) with other replacedQ1.39665Your task easy (9) or hard (1)Q1.49675Other's task easy (9) or hard (1)Q2.1267Manager/old employee better (9) or worse (1) than averageQ2.2546Other employee/new employee better (9) or worse (1) than averageQ2.3556Group would have been better (9) or worse (1) with other manager/new employeeQ2.4576Group would have been better (9) or worse (1) with other employee/new employeeQ2.5365Your task easy (9) or hard (1)Q2.6673Manager/old employee's task easy (9) or hard (1)Q2.7833Other employee/new employee's task easy (9) or hard (1)14 people, headsets2miniblinds3slides43 people, guy with paper5flower dress6computer lab7black woman8computer room, 2 guys standing 6 people92 large monitorstwo big monitors10guy smilingguy in center smiling11librarylibrary12cubicles, plaid shirthalf a plaid shirt133 people, 2 white shirts, 1/2 laptop3 people, half a laptop, guy leaning over144 people, guy at left at laptop4 people, guy on left with laptop15square glass panesglass panes in background16gesturesgestures

CIT 5-5-00 4PM00000000000000000000000000000000000000000000000000000000000000


CIT 5-23-00 1PMEastCorpWestCorpOneTwoTwoOne13003001601602180180190190320020012012041601601501505140140130130680801701707100100100100810010090909707050501025025080801170706060128080505013606060601460606060151201204040166060404017909030301860604040193030303020303030302117017022180180West was acquiring firm23250280241101102520013026100602760602850502950603010050121role 2observeremployeemanageremployeeestimate5685597769.25Q1.17777Manager or employee you have been working with better (9) or worse (1) than averageQ1.24633Group would have been better (9) or worse (1) with other replacedQ1.38576Your task easy (9) or hard (1)Q1.48576Other's task easy (9) or hard (1)Q2.1877Manager/old employee better (9) or worse (1) than averageQ2.2887Other employee/new employee better (9) or worse (1) than averageQ2.3743Group would have been better (9) or worse (1) with other manager/new employeeQ2.4625Group would have been better (9) or worse (1) with other employee/new employeeQ2.5547Your task easy (9) or hard (1)Q2.6684Manager/old employee's task easy (9) or hard (1)Q2.7424Other employee/new employee's task easy (9) or hard (1)13 ladies, 1 black guyblack guy on left2venetian blindswoman standing w/ notebook3slidesblack woman w/ negatives4guy standingguy standing w/ newspaper5lady w/ mouse; striped tieguy w/ funny eyeglasses6hand to his headglass doors in background7guy standing next to black girlguy standing over girl8big tiles on floor692 big monitorspicture x10asian guysmiley11columnswalkway12cowguy touching lip13guy hunchingguy pointing to computer14four w/ laptopguy w/ white laptop15glass wallpeople w/ water16guy speaking w/ handsguy making hand gestures

CIT 5-23-00 1PM00000000000000000000000000000000000000000000000000000000000000


CIT 5-23-00 4PMWestCorpEastCorpOneTwoOneOne11401402602602280280220220315015013013041301301201205120120707061601601001007100100808081101101001009707060601080807070117070606012909050501370703030146060505015505050501660605050174040303018606040401950503030206060404021230902225040East was acquiring firm238050243030251404026303027404028403029303030303065.5role 2observeremployeemanageremployeeestimate6048807565.75Q1.17567Manager or employee you have been working with better (9) or worse (1) than averageQ1.24553Group would have been better (9) or worse (1) with other replacedQ1.35756Your task easy (9) or hard (1)Q1.44758Other's task easy (9) or hard (1)Q2.1768Manager/old employee better (9) or worse (1) than averageQ2.2977Other employee/new employee better (9) or worse (1) than averageQ2.3353Group would have been better (9) or worse (1) with other manager/new employeeQ2.4535Group would have been better (9) or worse (1) with other employee/new employeeQ2.5478Your task easy (9) or hard (1)Q2.6382Manager/old employee's task easy (9) or hard (1)Q2.7943Other employee/new employee's task easy (9) or hard (1)1cubicles from side, blond woman4 people w/headsets2blinds, woman standingparking lot3light room, woman looking at slideswashed out4meeting w/ tapestry in back3 people, guys tanding in middle5cubicles, people holding mousesguy w/ mouse6L-shaped roomdark haired woman w/ headset7cublices w/ guy standingguy w/ paper, standing8dark computer room w/ 3 guys in frontzombies9big computer room4 computers, 2 people10palm treeplant11big room w/ pillarsaerial12cubicles w/ man on phonedabbing133 people, blond up front, man hunched over3 people, 1 standing pointing144people, dark haired woman second from right4 people, person on left w/ computer15man in front of square glass4 people sitting, 1 standing16mang gesticulating, cupboardshands

CIT 5-23-00 4PM00000000000000000000000000000000000000000000000000000000000000


Average00000000000000000000000000000000000000000000000000000000000000


WestCorpEastCorpAcquired firmAcquiring firm1245.5245.5251.8251.82210.0210.0211.8211.83190.9190.9169.1169.14176.4176.4154.5154.55125.5125.5112.7112.76127.3127.3115.5115.57135.5135.5103.6103.68101.8101.890.090.0999.199.171.871.810115.5115.575.575.51173.673.665.565.51277.377.364.564.51369.169.155.555.51464.564.565.565.51561.861.860.960.91659.159.156.456.41757.357.347.347.31857.357.352.752.71945.545.547.347.32049.149.147.347.321146.4113.622142.7110.923130.0119.12480.079.125105.580.02669.160.92760.060.02872.759.12958.258.23060.055.586.0454545455role 2observeremployeemanageremployeeestimate67.565.777.665.969.1625Q1.16.56.76.07.1Manager or employee you have been working with better (9) or worse (1) than averageQ1.25.05.14.65.5Group would have been better (9) or worse (1) with other replacedQ1.36.96.36.06.1Your task easy (9) or hard (1)Q1.46.36.36.45.8Other's task easy (9) or hard (1)Q2.14.86.47.3Manager/old employee better (9) or worse (1) than averageQ2.26.55.56.2Other employee/new employee better (9) or worse (1) than averageQ2.35.64.75.0Group would have been better (9) or worse (1) with other manager/new employeeQ2.45.54.95.4Group would have been better (9) or worse (1) with other employee/new employeeQ2.54.25.56.6Your task easy (9) or hard (1)Q2.65.16.95.0Manager/old employee's task easy (9) or hard (1)Q2.76.84.14.2Other employee/new employee's task easy (9) or hard (1)

00000000000000000000000000000000000000000000000000000000000000


Documents

Raymond Fisman