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Efficient contracting and fair play in a simple principal-agent experiment
Anderhub, Vital; Gächter, Simon; Königstein, Manfred - 1999
design has to regard an equity constraint that has so far been neglected by contract theory. In fact, most contract offers … observed in the experiment aim at fair surplus sharing. -- principal-agent theory ; contract theory ; fair sharing ; incentive …Modern 'principal-agent theory' has made a lot of progress in proposing theoretical Solutions to agency problems. This …
Persistent link: https://www.econbiz.de/10009581090
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Strategic delegation in experimental markets
Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 2000
, while the second contract gives an additional sales bonus. Although theory predicts the second contract to be chosen, it is … contracts which determine their managers' salaries. One contract simply gives managers incentives to maximize firm profits …
Persistent link: https://www.econbiz.de/10009583883
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Using private job agencies : optimal screening or cream skimming?
Kübler, Dorothea - 1997
In a model with private information of the worker about her ability and unobservable effort choice, the role of public and private employment services is analyzed. The coexistence of an inefficient employment exchange and an efficient private agency may lead to optimal screening with first best...
Persistent link: https://www.econbiz.de/10009658470
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On the regulation of social norms
Kübler, Dorothea - 2000
A model is developed to understand how norms can be influenced by "norm entrepreneurs", e.g. lawmakers, government agencies, unions etc. Two instruments of influencing the dynamics of normfollowing behavior are analyzed, namely transforming the (monetary) incentives and changing the meaning or...
Persistent link: https://www.econbiz.de/10009583884
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Long-term work contracts versus sequential spot markets : experimental evidence on firm-specific investment
Anderhub, Vital; Königstein, Manfred; Kübler, Dorothea - 1999
two period game, involving the choke of the contract; length by the principal and an investment choke by the agent. In … contrast to the game theoretic predictions, we find that investment of the worker and length of contract; are strictly … although the model is fully deterministic. This could imply a behaviorally relevant difference between contract and market …
Persistent link: https://www.econbiz.de/10009580472
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On the profitability of collusion in location games
Huck, Steffen; Knoblauch, Vicky; Müller, Wieland - 2000
On the basis of a real high stakes insurance experiment with small probabilities of losses, we demonstrate that concern is a more important driver of WTP for insurance than subjective probability estimates when there is ambiguity surrounding the estimate. Concern is still important when...
Persistent link: https://www.econbiz.de/10009583427
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Auctions and corruption
Lengwiler, Yvan; Wolfstetter, Elmar - 2000
In many auctions, the auctioneer is an agent of the seller. This delegation invites corruption. In this paper we propose a model of corruption, examine how corruption affects the auction game, how the anticipation of corruption affects bidding, and how it altogether changes the revenue ranking...
Persistent link: https://www.econbiz.de/10009583882
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Quantile hedging
Föllmer, Hans; Leukert, Peter - 1998
In a complete financial market every contingent claim can be hedged perfectly. In an incomplete market it is possible to stay on the safe side by superhedging. But such strategies may require a large amount of initial capital. Here we study the question what an investor can do who is unwilling...
Persistent link: https://www.econbiz.de/10009574876
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On model based seasonal adjustment procedures
Breitung, Jörg - 1998
In this note the unobserved component approach underlying the software package SEATS is compared with the Beveridge-Nelson type of decomposition for seasonal time series. The main strength of the SEATS approach lies in the appealing model formulation and the careful specification and adjustment...
Persistent link: https://www.econbiz.de/10009574877
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The monetary model of the exchange rate : a structural interpretation
Moersch, Mathias; Nautz, Dieter - 1998
We emphasize the importance of properly identifying the long-run relations underlying the monetary model of the exchange rate. The separate estimation of long-run money demands leads to a "structural" error correction equation which allows an interpretation of the various channels affecting the...
Persistent link: https://www.econbiz.de/10009574885