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It is often argued that Black-Scholes (1973) values overstate the subjective value of stock options granted to risk-averse and under-diversified executives. We construct a "representative" Swiss executive and extend the certainty- equivalence approach presented by Hall and Murphy (2002) to...
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different incentive mechanisms emphasize competition (via the perceived intentions of others) and entitlements (via the … access to the total endowment generated by the pair. We find that the structure of the incentive mechanisms has asymmetric …
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This paper asks which sub-groups of the population are affected by the payment of a small cash incentive to respond to … a telephone survey. We find that an incentive improves response rates primarily amongst those individuals with the … absence of an incentive. The incentive thus improves both average response rates and acts to equalize response rates across …
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