. We begin with a theoretical exploration of optimal contest design, focusing on the number of competitors. Our theory … test of the theory implements a laboratory experiment, where important features of the theory can be exogenously imposed … models to inform us of the relevant theoretical predictions. In both cases we find that the theory has a fair amount of …

on the task allocation of the firm's team leaders is large and robust; team leaders increase their non-billable hours and … shift billable hours to team members. Although the motivation for the change in the compensation plan was the multitasking … problem, this change also impacted the way tasks were allocated within each team, resulting in greater teamwork …

Empirical work testing for a negative tradeoff between risk and incentives, a cornerstone of agency theory, has not had …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution … of incentives and responsibilities for other members of the top management team. An extension of the standard principal … responsibility. The aggregate pay-performance sensitivity of the top management team is quite substantial, at $30.24 per thousand …

In this paper I summarize four new strands in agency theory that help me think about incentives in real organizations … organizations. I conclude by suggesting two avenues for further progress in agency theory: better integration with organizational …