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Contracts between Legal Persons
Kornhauser, Lewis A.; MacLeod, W. Bentley - Institute for the Study of Labor (IZA) - 2010
Contract law and the economics of contract have, for the most part, developed independently of each other. In this essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize the economics literature on contract. The title, Contracts...
Persistent link: https://www.econbiz.de/10008765228
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Testing Canonical Tournament Theory: On the Impact of Risk, Social Preferences and Utility Structure
Sheremeta, Roman M.; Wu, Steven Y. - Institute for the Study of Labor (IZA) - 2012
We use experiments to test comparative statics predictions of canonical tournament theory. Both the roles of principal … tournament design. Consistent with theory, we observed an incentive effect from raising the winner's prize. However, we also … observed several empirical puzzles that appeared to contradict theory. Controlling for social preferences did not resolve the …
Persistent link: https://www.econbiz.de/10009646321
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Optimal Incentive Contracts under Inequity Aversion
Englmaier, Florian; Wambach, Achim - Institute for the Study of Labor (IZA) - 2005
contract theory and are more in line with empirical findings than standard results. We find: First, inequity aversion alters …
Persistent link: https://www.econbiz.de/10005566722
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Performance Pay and Risk Aversion
Grund, Christian; Sliwka, Dirk - Institute for the Study of Labor (IZA) - 2006
A main prediction of agency theory is the well known risk-incentive trade-off. Incentive contracts should be found in …
Persistent link: https://www.econbiz.de/10005822413
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How Unjust! An Experimental Investigation of Supervisors' Evaluation Errors and Agents' Incentives
Marchegiani, Lucia; Reggiani, Tommaso; Rizzolli, Matteo - Institute for the Study of Labor (IZA) - 2011
In our simple model the supervisor: i) cannot observe the agent's effort; ii) aims at inducing the agent to exert high effort; but iii) can only offer rewards based on performance. Since performance is only stochastically related to effort, evaluation errors may occur. In particular, deserving...
Persistent link: https://www.econbiz.de/10009416946
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Performance Measurement, Expectancy and Agency Theory: An Experimental Study
Praag, Mirjam van; Sloof, Randolph - Institute for the Study of Labor (IZA) - 2007
noise in the performance measure. In contrast, expectancy theory as developed by psychologists predicts lower effort levels …
Persistent link: https://www.econbiz.de/10005761969
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Construction Contracts (or: "How to Get the Right Building at the Right Price?")
Chakravarty, Surajeet; MacLeod, W. Bentley - Institute for the Study of Labor (IZA) - 2006
Most contracts that individuals enter into are not written from scratch; rather, they depend upon forms and terms that have been successful in the past. In this paper, we study the structure of form construction contracts published by the American Institute of Architects (AIA). We show that...
Persistent link: https://www.econbiz.de/10005233914
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Mehr und bessere Daten für die Arbeitsmarktforschung: Vorschläge zur effizienten Erschließung der amtlichen Statistik
Schneider, Hilmar - Institute for the Study of Labor (IZA) - 2009
Die ökonomische Beurteilung von Vorgängen auf dem Arbeitsmarkt erfordert eine solide und aussagekräftige Datengrundlage. Eine Kerngröße zu deren Verständnis bilden Stundenlöhne. Stundenlöhne erklären beispielsweise, ob und in welchem Umfang Menschen arbeiten und konsumieren, warum und...
Persistent link: https://www.econbiz.de/10008615420
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Sluggish Institutions in a Dynamic World: Can Unions and Industrial Competition Coexist?
Hirsch, Barry - Institute for the Study of Labor (IZA) - 2007
During the 1930s and 1940s, collective bargaining emerged as the workplace governance norm in much of the U.S. industrial sector. Following its peak in the 1950s, union density in the U.S. private sector fell steadily, to only 7.4 percent in 2006. Governance shifted from a formalized union norm...
Persistent link: https://www.econbiz.de/10005822089
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The Income Gap Between Natives and Second Generation Immigrants in Sweden: Is Skill the Explanation?
Nordin, Martin; Rooth, Dan-Olof - Institute for the Study of Labor (IZA) - 2007
This is the first study to use an achievement test score to analyze whether the income gap between second-generation immigrants and natives is caused by a skill gap rather than ethnic discrimination. Since, in principle, every male Swedish citizen takes the test when turning 18, we are able to...
Persistent link: https://www.econbiz.de/10005822096