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Gaynor, Martin - 1990

In this paper, we investigate incentive structures within partnerships. Partnerships provide a classic example of the tradeoff between risk spreading and moral hazard. The degree to which firms choose to spread risk and sacrifice efficiency incentives depends upon risk preferences, for which...

Persistent link: https://www.econbiz.de/10012475660

Rank-Order Tournaments as Optimum Labor Contracts

Lazear, Edward P. - 1979

This paper analyzes compensation schemes which pay according to an individual's ordinal rank in an organization rather than his output level. When workers are risk neutral, it is shown that wages based upon rank induce the same efficient allocation of resources as an incentive reward scheme...

Persistent link: https://www.econbiz.de/10012478746

Identification in Matching Games

Fox, Jeremy T. - 2009

I study a many-to-many, two-sided, transferable-utility matching game. Consider data on matches or relationships between agents but not on the choice set of each agent. I investigate what economic parameters can be learned from data on equilibrium matches and agent characteristics. Features of a...

Persistent link: https://www.econbiz.de/10012463558

Individual and Collective Information Acquisition : An Experimental Study

Reshidi, Pëllumb; Lizzeri, Alessandro; Yariv, Leeat; … - National Bureau of Economic Research - 2021

decision. We report results from lab experiments focused on such information-collection processes. We consider decisions … decision accuracies over time. Furthermore, groups using majority rule yield especially hasty and inaccurate decisions …

Persistent link: https://www.econbiz.de/10012794585

Why Did Putin Invade Ukraine? A Theory of Degenerate Autocracy

Egorov, Georgij V.; Sonin, Konstantin - National Bureau of Economic Research - 2023

Many, if not most, personalistic dictatorships end up with a disastrous decision such as Hitler's attack on the Soviet …. Even if the decision is not ultimately fatal for the regime, such as Mao's Big Leap Forward or the Pol Pot …-informed subordinates have no chance to prevent the decision from being implemented. We offer a dynamic model of non-democratic politics, in …

Persistent link: https://www.econbiz.de/10014250204

Contract renegotiation in agency problems

Edlin, Aaron S.; Hermalin, Benjamin E. - 1997

Persistent link: https://www.econbiz.de/10004323378

Informal Fiscal Systems in Developing Countries

Aman-Rana, Shan; Minaudier, Clement; Sukhtankar, Sandip - National Bureau of Economic Research - 2023

Governments in developing countries have low fiscal capacity yet face pressures to provide public goods and services, leading them to rely on various unusual fiscal arrangements. We document one such - hitherto unexplored - arrangement: informal fiscal systems that rely on local bureaucrats to...

Persistent link: https://www.econbiz.de/10014421219

Contracts with Interdependent Preferences

Ray, Debraj; Weretka, Marek - National Bureau of Economic Research - 2024

This paper studies contracting between a principal and multiple agents. The setup is classical except for the assumption that agents have interdependent preferences. We characterize cost effective contracts, and relate the direction of co-movement in rewards -- "joint liability" (positive) or...

Persistent link: https://www.econbiz.de/10014512144

The Effect of Capital Structure When Expected Agency Costs are Extreme

Harvey, Campbell R. - 2001

We provide new evidence that debt creates shareholder value for firms that face agency costs. Our tests are unique in two respects. First, we focus on a sample of firms with potentially extreme agency problems. We study emerging market firms where the routine use of pyramid ownership structures...

Persistent link: https://www.econbiz.de/10012470266

Consumers and Agency Problems

Prendergast, Canice J. - 2001

Consumers solve many agency problems, by pointing out when they believe that agents have made mistakes. This paper considers the role that consumers play in inducing efficient behavior by agents. I distinguish between two case: those where consumers have similar preferences to the principal, and...

Persistent link: https://www.econbiz.de/10012470274

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