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Battaglini, Marco - C.E.P.R. Discussion Papers - 2004

Consider Holmström.s moral hazard in teams problem when there are n agents, each agent i has a a(i)-dimensional strategy space and output can be m-dimensional. We show that a compensation mechanism that satisfies budget balance, limited liability and implements an efficient allocation...

Persistent link: https://www.econbiz.de/10005791765

The Economics of US-Style Contingent Fees and UK-Style Conditional Fees

Emons, Winand; Garoupa, Nuno - C.E.P.R. Discussion Papers - 2004

. Contingent fees provide better incentives than conditional fees independently of whether upfront payments are restricted to be …

Persistent link: https://www.econbiz.de/10005791953

Fairness and Incentives in a Multi-Task Principle-Agent Model

Fehr, Ernst; Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 2004

This Paper reports on a two-task principal-agent experiment in which only one task is contractible. The principal can either offer a piece-rate contract or a (voluntary) bonus to the agent. Bonus contracts strongly outperform piece rate contracts. Many principals reward high efforts on both...

Persistent link: https://www.econbiz.de/10005114195

Bonus Culture: Competitive Pay, Screening, and Multitasking

Bénabou, Roland; Tirole, Jean - C.E.P.R. Discussion Papers - 2013

talented workers leads to an escalating reliance on performance pay and other high-powered incentives, thereby shifting effort … incentives downward in order to extract rents. More generally, as declining market frictions lead employers to compete more …, while inequality tends to rise monotonically. Bonus caps and income taxes can help restore balance in agents' incentives and …

Persistent link: https://www.econbiz.de/10011083769

Sovereign Debt and Structural Reforms

Müller, Andreas; Storesletten, Kjetil; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 2015

Motivated the European debt crisis, we construct a tractable theory of sovereign debt and structural reforms under limited commitment. The government of a sovereign country which has fallen into a recession of an uncertain duration issues one-period debt and can renege on its obligations by...

Persistent link: https://www.econbiz.de/10011276380

Bank Solvency, Market Structure, and Monitoring Incentives

Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997

the lending rate and the information structure. Since monitoring incentives increase with interest rate margins, the …

Persistent link: https://www.econbiz.de/10005662062

An Empirical Investigation of Gaming Responses to Explicit Performance Incentives

Courty, Pascal; Marschke, Gerald - C.E.P.R. Discussion Papers - 2002

This Paper studies a particular kind of gaming response to explicit incentives in a large government organization. The …

Persistent link: https://www.econbiz.de/10005662347

Tax Policy, Venture Capital and Entrepreneurship

Keuschnigg, Christian; Nielsen, Soren Bo - C.E.P.R. Discussion Papers - 2000

and base salary to assure their incentives for full effort. In addition to providing equity finance, venture capitalists …

Persistent link: https://www.econbiz.de/10005666436

Credit Booms and Lending Standards: Evidence From The Subprime Mortgage Market

DellAriccia, Giovanni; Igan, Deniz; Laeven, Luc - C.E.P.R. Discussion Papers - 2008

This paper studies the relationship between the recent boom and current delinquencies in the subprime mortgage market. Specifically, we analyze the extent to which this relationship can be explained by a decrease in lending standards that is unrelated to improvements in underlying economic...

Persistent link: https://www.econbiz.de/10005666586

Temporary Contracts and Employee Effort

Engellandt, Axel; Riphahn, Regina - C.E.P.R. Discussion Papers - 2004

Temporary contracts provide employers with a tool to screen potential new employees and have been shown to provide ‘stepping stones’ into permanent employment for workers. For both reasons, workers on temporary contracts have an incentive to provide more effort than permanent employees....

Persistent link: https://www.econbiz.de/10005666640

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