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More than the money : payoff-irrelevant terms in relational contracts
Cromwell, Erich; Goerg, Sebastian J.; Ziółkowska, Monika - 2018
two economically equivalent contracts - a fixed-term renewable and an open-ended at-will contract. Each contract provides … partners with full flexibility regarding the length and termination of their interaction. When only one contract type is … contract type. However, when both contracts are available offering a fixed-term instead of an open-ended contract is perceived …
Persistent link: https://www.econbiz.de/10011893426
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Strategic incomplete contracts : theory and experiments
Erkal, Nisvan; Wu, Steven Y.; Roe, Brian - 2014
We develop a model of strategic contractual incompleteness that identifies conditions under which principals might omit even costlessly verifiable terms. We then use experiments to test comparative statics predictions of the model. While it is well known that verifiability imperfections can...
Persistent link: https://www.econbiz.de/10010457849
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Performance measurement and incentive intensity
Bayo-Moriones, Alberto; Galdón-Sánchez, José Enrique; … - 2015
This study addresses the factors that determine the intensity of pay for performance schemes. The results indicate that the use of individual and group incentives boost intensity, whereas plant or firm pay for performance do not seem to affect the variable of interest. In addition, the adoption...
Persistent link: https://www.econbiz.de/10011308461
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Multi-rater performance evaluations and incentives
Ockenfels, Axel; Sliwka, Dirk; Werner, Peter - 2024
We compare evaluations of employee performance by individuals and groups of supervisors, analyzing a formal model and running a laboratory experiment. The model predicts that multi-rater evaluations are more precise than single-rater evaluations if groups rationally aggregate their signals about...
Persistent link: https://www.econbiz.de/10014493793
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Outside options and worker motivation
Ahammer, Alexander; Fahn, Matthias; Stiftinger, Flora - 2023
We study the relationship between outside options and workers' motivation to exert effort. We evaluate changes in outside options arising from age and experience cutoffs in the Austrian unemployment insurance (UI) system, and use absenteeism as a proxy for worker effort. Results indicate that a...
Persistent link: https://www.econbiz.de/10014318212
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Strive to be first or avoid being last : an experiment on relative performance incentives
Dutcher, E. Glenn; Balafoutas, Loukas; Lindner, Florian; … - 2015
tournament contract incorporating both incentives at the top and at the bottom induces the highest effort, especially in larger …
Persistent link: https://www.econbiz.de/10011337036
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Contracts between legal persons
Kornhauser, Lewis A.; MacLeod, William Bentley - 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 between Legal Persons, limits the review to that part of …
Persistent link: https://www.econbiz.de/10009312933
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Construction contracts (or : "how to get the right building at the right price?")
Chakravarty, Surajeet (contributor);  … - 2006
example of how markets, as opposed to private negotiations, can be used to determine efficient contract terms. -- law and …
Persistent link: https://www.econbiz.de/10003323165
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The roles of incentives and voluntary cooperation for contractual compliance
Gächter, Simon; Kessler, Esther; Königstein, Manfred - 2011
Efficiency under contractual incompleteness often requires voluntary cooperation in situations where self-regarding incentives for contractual compliance are present as well. Here we provide a comprehensive experimental analysis based on the gift-exchange game of how explicit and implicit...
Persistent link: https://www.econbiz.de/10009308812
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The hold-down problem and the boundaries of the firm : lessons from a hidden action model with endogenous outside option
Schnedler, Wendelin; Sunde, Uwe - 2002
This paper offers a rationale for limiting the delegation of (real) authority, which neither relies on insurance arguments nor depends on ownership structure. We analyse a repeated hidden action model in which the actions of a risk neutral agent determine his future outside option. Consequently,...
Persistent link: https://www.econbiz.de/10011410683