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Job Assignments, Intrinsic Motivation and Explicit Incentives

Nafziger, Julia - 2008

This paper considers the interplay of job assignments with the intrinsic and extrinsic motivation of an agent. Job assignments influence the self confidence of the agent, and thereby his intrinsic motivation. Monetary reward allow the principal to complement intrinsic motivation with extrinsic...

Persistent link: https://www.econbiz.de/10010264916

Interactive Unawareness and Speculative Trade

Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - 2003

The standard state-spaces of asymmetric information preclude non- trivial forms of unawareness (Dekel, Lipman and … standard information structures with strong properties of knowledge. …

Persistent link: https://www.econbiz.de/10010263088

Unawareness, Beliefs and Games

Heifetz, Aviad; Meier, Martin; Schipper, Burkhard C. - 2007

We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...

Persistent link: https://www.econbiz.de/10010276586

On the Prudence of Rewarding A While Hoping For B

Schnedler, Wendelin - 2003

In multiple-task hidden-action models, the (mis-)allocation of effort may play an important role for benefit creation. Signals which capture this benefit and which are used in incentive schemes should thus not only be judged by the noise and the associated costs but also by the mis-allocation...

Persistent link: https://www.econbiz.de/10010263061

Limited Liability and the Risk-Incentive Relationship

Budde, Jörg; Kräkel, Matthias - 2008

Several empirical findings have challenged the traditional view on the trade-off between risk and incentives. By combining risk aversion and limited liability in a standard principal-agent model the empiri- cal puzzle on the positive relationship between risk and incentives can be explained....

Persistent link: https://www.econbiz.de/10010264917

Learning About CEO Ability and Stock Return Volatility

Pan, Yihui - 2013

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...

Persistent link: https://www.econbiz.de/10013085131

A World of Cities : The Causes and Consequences of Urbanization in Poorer Countries

Glaeser, Edward L. - 2013

Historically, urban growth required enough development to grow and transport significant agricultural surpluses or a government effective enough to build an empire. But there has been an explosion of poor mega-cities over the last thirty years. A simple urban model illustrates that in closed...

Persistent link: https://www.econbiz.de/10013071513

Unanimous Rules in the Laboratory

Bouton, Laurent - 2016

We study the information aggregation properties of unanimous voting rules in the laboratory. In line with theoretical …

Persistent link: https://www.econbiz.de/10012999989

Information : Hard and Soft

Liberti, Jose Maria - 2018

Information is a fundamental component of all financial transactions and markets, but it can arrive in multiple forms …. We define what is meant by hard and soft information and describe the relative advantages of each. Hard information is … quantitative, easy to store and transmit in impersonal ways, and its information content is independent of its collection. As …

Persistent link: https://www.econbiz.de/10012910651

Central Bank Communication and Expectations Stabilization

Eusepi, Stefano - 2010

This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain about the current state of the economy. Households and firms are uncertain about the statistical properties of aggregate variables, including nominal interest rates, and must...

Persistent link: https://www.econbiz.de/10012759936

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