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This paper explores the consequences and implications of the dual role of promotion in an environment where a firm must simultaneously achieve two distinct goals - assignment and incentive provision - via the strategic use of promotions. We argue that the efficient promotion rule is generally...
Persistent link: https://www.econbiz.de/10010332465
This paper shows that the incentive effects of heterogeneity may be positive rather than negative in dynamic contests with multiple stages. In particular, the well-studied adverse effects of heterogeneity in static interactions are compensated by positive continuation-value and selection...
Persistent link: https://www.econbiz.de/10010398273
We characterise optimal contracts in a dynamic principal-agent model of joint production in which project opportunities are heterogenous, utility from these projects is non-transferable and the agent has the option to quit the relationship at any time. In order to demand the production of...
Persistent link: https://www.econbiz.de/10013188999
This paper studies the performance of promotion tournaments with heterogeneous participants in two dimensions: incentive provision and selection. Our theoretical analysis reveals a trade-off for the tournament designer between the two goals: While total effort is maximized if less heterogeneous...
Persistent link: https://www.econbiz.de/10010278311
This paper shows that the incentive effects of heterogeneity may be positive rather than negative in dynamic contests with multiple stages. In particular, the well-studied adverse effects of heterogeneity in static interactions are compensated by positive continuation-value and selection...
Persistent link: https://www.econbiz.de/10010886143
The Confucian school emphasizes family value, moral persuasions, and personal relations. Under Confucianism, there is a free-rider issue in the provision of efforts. Since national officials are chosen through personal relations, they may not be the most capable. The Legalist school emphasizes...
Persistent link: https://www.econbiz.de/10010944943
We analyze optimal incentive contracts in a model where the probability of court enforcement is determined by the costs spent on contracting. We show that contract costs matter for incentive provision, both in static spot contracts and repeated game relational contracts. We find that social...
Persistent link: https://www.econbiz.de/10008548986
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