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Adding a stick to the carrot? : the interaction of bonuses and fines

Fehr, Ernst; Schmidt, Klaus M. - 2007

actually pay the announced bonus. This offers a new explanation for why explicit and implicit incentives are substitutes rather …

Persistent link: https://www.econbiz.de/10010365854

Delegating Pricing Power to Customers: Pay What You Want or Name Your Own Price?

Krämer, Florentin; Schmidt, Klaus M.; Spann, Martin; … - 2017

Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customer driven pricing mechanisms that give customers (some) pricing power. Both have been used in service industries with high fixed costs to price discriminate without setting a reference price. Their participatory and innovative...

Persistent link: https://www.econbiz.de/10011592128

Delegating pricing power to customers: Pay what you want or name your own price?

Krämer, Florentin; Schmidt, Klaus M.; Spann, Martin; … - 2015

Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customerdriven pricing mechanisms that give customers (some) pricing power. Both have been used in service industries with high fixed capacity costs in order to appeal to additional customers by reducing prices without setting a...

Persistent link: https://www.econbiz.de/10011350830

Delegating Pricing Power to Customers : Pay What You Want or Name Your Own Price?

Krämer, Florentin - 2017

Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customer-driven pricing mechanisms that give customers (some) pricing power. Both have been used in service industries with high fixed costs to price discriminate without setting a reference price. Their participatory and innovative...

Persistent link: https://www.econbiz.de/10012971780

Delegating pricing power to customers : pay what you want or name your own price?

Krämer, Marius-Florentin; Schmidt, Klaus M.; Spann, Martin - 2015

Pay What You Want (PWYW) and Name Your Own Price (NYOP) are customerdriven pricing mechanisms that give customers (some) pricing power. Both have been used in service industries with high fixed capacity costs in order to appeal to additional customers by reducing prices without setting a...

Persistent link: https://www.econbiz.de/10010530590

Delegating pricing power to customers : pay what you want or name your own price?

Krämer, Marius-Florentin; Schmidt, Klaus M.; Spann, Martin - 2017

Persistent link: https://www.econbiz.de/10011591510

Contracts, fairness, and incentives

Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - 2004

actors provide powerful incentives and become superior when there are some fair-minded players. The principals understand … enforcement power of explicit and implicit incentives. This contract preference is associated with the fact that explicit … incentives weaken the enforcement power of implicit bonus incentives significantly. Our results are largely consistent with …

Persistent link: https://www.econbiz.de/10010261212

The Economics of Fairness, Reciprocity and Altruism â€“ Experimental Evidence and New Theories

Fehr, Ernst; Schmidt, Klaus M. - Volkswirtschaftliche Fakultät, … - 2005

Chapter written for the Handbook of Reciprocity, Gift-Giving and Altruism

Persistent link: https://www.econbiz.de/10005785902

Fairness and Contract Design

Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - Volkswirtschaftliche Fakultät, … - 2005

provide powerful incentives and are superior to explicit incentive contracts when there are some fair-minded players. But …, which offer important new insights into the interaction of contract choices, fairness and incentives. …

Persistent link: https://www.econbiz.de/10005785926

Fairness and Incentives in a Multi-Task Principal-Agent Model

Fehr, Ernst; Schmidt, Klaus M. - Institut für Volkswirtschaftslehre, …

This paper reports on a two-task principal-agent experiment in which only one task is contractible. The principal can either offer a piece-rate contract or a (voluntary) bonus to the agent. Bonus contracts strongly outperform piece rate contracts. Many principals reward high efforts on both...

Persistent link: https://www.econbiz.de/10005585634