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A Comparison of Tournaments and Contracts
Green, Jerry R. - 1982
Tournaments, reward structures based on rank order, are compared with individual contracts in a model with one risk-neutral principal and many risk-averse agents. Each agents' output is a stochastic function of his effort level plus an additive shock term that is common to all the agents. The...
Persistent link: https://www.econbiz.de/10012478271
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Compensation Matters : Incentives for Multitasking in a Law Firm
Bartel, Ann - 2013
compensation plans on personal productivity. We study an international law firm that moves from high-powered individual incentives … towards incentives for "leadership" activities that contribute to the firm's long run profitability. The effect of this change …
Persistent link: https://www.econbiz.de/10012459249
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Do Tournaments Have Incentive Effects?
Ehrenberg, Ronald G. - 1988
Much attention has been devoted to studying models of tournaments or situations in which an individual's payment depends only on his output or rank, relative to other competitors. Such models are of more than academic Interest as they may well describe the compensation structures applicable to...
Persistent link: https://www.econbiz.de/10012476434
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Output-based Pay : Incentives or Sorting?
Lazear, Edward P. - 1999
of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests …
Persistent link: https://www.econbiz.de/10012471362
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Personnel Economics : Hiring and Incentives
Oyer, Paul - 2010
relationships and on how firms provide incentives to employees. This literature has been very successful in generating models and …
Persistent link: https://www.econbiz.de/10012462675
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CEO Incentives and Firm Size
Baker, George P. - 1998
What determines CEO incentives? A confusion exists among both academics and practitioners about how to measure the … strength of CEO incentives, and how to reconcile the enormous differences in pay sensitivities between executives in large and … small firms. We show that while one measure of CEO incentives (the dollar change in CEO wealth per dollar change in firm …
Persistent link: https://www.econbiz.de/10012471944
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The Sociology of Groups and the Economics of Incentives : Theory and Evidence on Compensation Systems
Encinosa, William E, III. - 1997
This paper incorporates the sociological concept of group norms' into an economic analysis of pay systems. We use a behavioral microeconomic model and a unique survey of medical groups to examine the theoretical and empirical relationship between group norms and incentive pay. Our findings...
Persistent link: https://www.econbiz.de/10012472868
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Performance Incentives Within Firms : The Effect of Managerial Responsibility
Aggarwal, Rajesh K. - 1999
Empirical research on executive compensation has focused almost exclusively on the incentives provided to chief … of incentives and responsibilities for other members of the top management team. An extension of the standard principal … level of compensation, we find that CEOs have pay-performance incentives that are $5.85 per thousand dollar increase in …
Persistent link: https://www.econbiz.de/10012471450
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Stock-Based Compensation and CEO (Dis)Incentives
Benmelech, Efraim - 2008
Stock-based compensation is the standard solution to agency problems between shareholders and managers. In a dynamic rational expectations equilibrium model with asymmetric information we show that although stock-based compensation causes managers to work harder, it also induces them to hide any...
Persistent link: https://www.econbiz.de/10012464915
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A Game Theoretic Foundation of Competitive Equilibria with Adverse Selection
Netzer, Nick - 2012
We construct a fully specified extensive form game that captures competitive markets with adverse selection. In particular, it allows firms to offer any finite set of contracts, so that cross-subsidization is not ruled out. Moreover, firms can withdraw from the market after initial contract...
Persistent link: https://www.econbiz.de/10012460190