bargain over the pay scheme to the latter. The bargaining outcome depends both on competition for agents and on the relative … rate depend on competition and bargaining power. We also analyze the nature of contracts when the agent is overconfident. …

This paper examines how the degree of competition among firms in an industry affects the optimal incentives that firms … changes in the nature of competition lead to changes in the equilibrium market structure. The main result is that as the … intensity of product market competition increases, principals unambiguously provide stronger incentives to their agents to …

overlook is the effect on non-executive pay of the competition for talent. Even if executive pay is regulated, and executives …-executives due to the negative externality that arises from that competition. Greater risk-taking can increase short-term profits and … tension between compensation and competition. Regulators should take account of the effect of competition on market …

competition are sufficiently high, a negative risk premium arises that resolves over time with learning. The model generates price … competition are intense …