Download or read book Relative Performance Provisions and Competitive Incentives written by Martin C. Schmalz and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: After decades of theoretical inquiry, a burgeoning empirical literature now debates how ownership patterns, governance choices, and executive compensation structure affect firms' competitive behavior. An often-made assumption in the debate is that relative performance evaluation (RPE) of top management compensation encourages pro-competitive behavior. This paper shows that this claim is not generally true. Whether relative performance evaluation incentivizes more or less aggressive competition depends crucially on whether performance is measured in terms of profits or in terms of profit margins.
Download or read book Incentives for Collaboration and Competition written by Jonas Heite and published by Springer Nature. This book was released on 2020-02-25 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: Individuals and firms can improve their performance through collaboration and competition. However, it is still an open question how collaboration and competition schemes can be optimally designed and incentivized in order to exploit their full potential. Jonas Heite investigates this question by assessing efforts to stimulate R&D collaboration and by examining properties as well as underlying mechanisms (e.g., effort, risk, confidence and stress) of ability configurations in contests. Based on three large-scale economic studies covering laboratory, field and natural experiments, the author applies novel and sophisticated econometric methods to provide causal empirical evidence that yields important implications for policymakers, managers and researchers.
Download or read book Selected Works of Joseph E Stiglitz written by Joseph E. Stiglitz and published by Oxford University Press. This book was released on 2009 with total page 767 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first in a series of six volumes containing a selection of Joseph Stiglitz's most important and widely cited work, this volume includes a number of seminal papers on the economics of information. The volume contains substantial additional original commentary by Joseph Stiglitz on his work and the field more generally.
Download or read book Performance and Reward written by Patrick Gerard and published by Troubador Publishing Ltd. This book was released on 2006 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tackles executive pay from the start, looking at what shareholders want and what is meant by 'performance'. This book also examines the various forms of executive pay and shows where things go wrong for the shareholder. It looks at the dynamics that drive the level of executive pay, suggesting changes in order to meet the shareholder interest.
Download or read book Relative Status and Economic Behaviors written by Jaesun Lee and published by . This book was released on 2016 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relative status naturally arises regarding some aspects whenever there are multiple agents. When it comes to economic factors such as performance and earnings, it often plays an important role by motivating and incentivizing agents. This essay attempts to investigate the effect of relative status feedback from various perspectives and explore its role in relation to effort provision, emotional well-being, and risk-taking behaviors. In Chapter 1, I investigate the impact of competitive environment on performance and psychological aspect. Competition is fostered in many domains to improve performance, but its psychological impacts on those involved - and thus their overall utility and well-being - have not yet received much attention in the literature. This chapter investigates the effect of competitive environments on effort provision and mood by conducting a lab experiment and on that basis proposing a simple model that incorporates mood in the utility function. The chapter also explores how past experiences affect people's preferences for competitive payment schemes. The results show that people exert greater effort when they work under competitive payment schemes such as piece-rate and rank-order tournament payments than fixed payments. In contrast, these competitive payment schemes, along with rank feedback, make people feel worse. In particular, people with low ranks suffer more as the working environment becomes more competitive. The findings provide evidence that competitive environments may be detrimental to some people in the left tail of the distribu- tion. Moreover, I finds that expected earnings play a more important role than mood in people's preferences for incentive schemes. The study contributes to the literature by introducing the psychological impact of competitive working environments and a potential role of mood in the discussion of preferences. Chapter 2 explores people's effort provision as a response to rank feedback. Rank-order relative-performance evaluation, in which pay, promotion and symbolic awards depend on the rank of workers in the distribution of performance, is ubiquitous. Whenever firms use rank-order relative-performance evaluation, workers receive feedback about their rank. Using a real-effort experiment, we aim to discover whether workers respond to the specific rank that they achieve. In particular, we leverage random variation in the allocation of rank among subjects who exerted the same effort to obtain a causal estimate of the rank response function that describes how effort provision responds to the content of rankorder feedback. We find that the rank response function is U-shaped. Subjects exhibit 'first-place loving' and 'last-place loathing', that is subjects work hardest after being ranked first or last. We discuss implications of our findings for the optimal design of firms' performance feedback policies, workplace organizational structures and incentives schemes. Lastly, Chapter 3 discusses the impact of relative performance feedback in the context of risk-taking environments. While relative performance feedback is quite common in the workplace involving risks, we do not know how risktaking behaviors alter as people receive relative performance feedback. In a lab experiment, I let people choose between a risk-free option and a risky option while manipulating the availability of relative performance feedback between the control and the treatment groups. I find that the provision of relative performance feedback lowers the probability of taking risks and this is mainly driven by people with middle and high ranks while there is no significant differences in risk taking between different rank groups. Further analysis with luck and expected earnings should be conducted for robustness checks.
Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Download or read book Regulation of Infrastructure and Utilities written by Alberto Asquer and published by Springer. This book was released on 2017-10-24 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive discussion of the public policy and management issues that are encountered in the regulation of infrastructure and utilities. Drawing from theoretical arguments and several case studies, the book is divided into three parts, namely devising regulation, installing regulation, and making regulation work. The first part covers theories of regulation, regulatory policies, strategies and tools, and regulatory reforms. The second part deals with the politics of regulation and regulatory capacity. The third part discusses regulatory commitment and investments, the performance of regulated industries, and the design of regulatory systems. Case studies pay attention to various sectors (including water, electricity, telecommunications, highways, railways, district heating, and airports) from countries in every region of the world. ; ;
Download or read book Markets for Schooling written by Nick Adnett and published by Routledge. This book was released on 2002-01-10 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: An economic analysis of schooling markets is developed, emphasizing both the strengths and weaknesses of orthodox analyses. This publication is designed to be accessible to all those concerned with education and economics.
Download or read book Managing the Regulatory Process written by J. Luis Guasch and published by World Bank Publications. This book was released on 1999-01-01 with total page 478 pages. Available in PDF, EPUB and Kindle. Book excerpt: '...developing countries, complementing their far-reaching privatization programs, are engaged in deregulating various sectors of their economies and devising new regulatory frameworks for others, particularly the utilities sectors.' As economies become more open, pressures on countries to become more competitive drive the call for regulatory reform to reduce costs and foster increased productivity, competitiveness, and growth. This report provides an overview of the costs and benefits of regulation throughout the world. It provides case histories of regulation in different countries, developed and developing and in various sectors, such as, transportation, utilities, and power. It presents different strategies that were employed. Furthermore, it identifies lessons learned and lays the foundations for a best practice scenario for other countries to adopt. While the challenges to regulatory reform are considerable, so are the efforts that developing countries are making to face them. These lessons, when properly adapted to each country's own environment, can significantly increase the likelihood of effective regulation.
Download or read book A Theory of Incentives in Procurement and Regulation written by Jean-Jacques Laffont and published by MIT Press. This book was released on 1993 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on their work in the application of principal-agent theory to questions of regulation, Laffont and Tirole develop a synthetic approach to this field, focusing on the regulation of natural monopolies such as military contractors, utility companies and transportation authorities.
Download or read book On Relative Performance Contracts and Fund Manager s Incentives written by Jurgen Eichberger and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Relative Performance Incentives written by William Timothy Mitchell and published by . This book was released on 2008 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Performance Requirements and Investment Incentives Under International Economic Law written by David Collins and published by Edward Elgar Publishing. This book was released on 2015-12-18 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this discerning book, David Collins provides an eloquent analysis of performance requirements and investment incentives as vital tools of economic policy. Adopting a consciously broad definition of both instruments, this work provokes a constructively critical assessment of their existing treatment under international economic law.
Download or read book Personality in the Social Process written by J. Aronoff and published by Psychology Press. This book was released on 2014-06-11 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1985. This book presents a new way to ask an old question. Many fields have considered the nature of the influence that members of a group exert on the course of social events. Social science provides another way to examine this issue. Moreover, social science has a particular strength: It helps us to phrase questions more precisely than before, it encourages us to follow a line of reasoning systematically, and it requires us to evaluate our ideas in light of a particular kind of evidence. The authors want to use these strengths to explore systematically the ways that factors in the person and in the environment together may shape the emergence of social behavior.
Download or read book Code of Federal Regulations written by and published by . This book was released on 1984 with total page 1164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries.
Download or read book The Economics of Business Enterprise written by Martin Ricketts and published by Edward Elgar Publishing. This book was released on 2019 with total page 680 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of The Economics of Business Enterprise provides a comprehensive survey of the theory of the firm from the perspective of New Institutional Economics. It continues to emphasise the role of the entrepreneur within the firm and the emergence of institutional responses to rent seeking. Neoclassical, Transactions Cost, Austrian, Public Choice and Property Rights perspectives are contrasted and used to analyse private governance arrangements, contemporary developments in organisational form such as ‘the sharing economy’ and the regulatory framework.
Download or read book The Oxford Handbook of Women and the Economy written by Susan L. Averett and published by Oxford University Press. This book was released on 2018-05-15 with total page 889 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transformation of women's lives over the past century is among the most significant and far-reaching of social and economic phenomena, affecting not only women but also their partners, children, and indeed nearly every person on the planet. In developed and developing countries alike, women are acquiring more education, marrying later, having fewer children, and spending a far greater amount of their adult lives in the labor force. Yet, because women remain the primary caregivers of children, issues such as work-life balance and the glass ceiling have given rise to critical policy discussions in the developed world. In developing countries, many women lack access to reproductive technology and are often relegated to jobs in the informal sector, where pay is variable and job security is weak. Considerable occupational segregation and stubborn gender pay gaps persist around the world. The Oxford Handbook of Women and the Economy is the first comprehensive collection of scholarly essays to address these issues using the powerful framework of economics. Each chapter, written by an acknowledged expert or team of experts, reviews the key trends, surveys the relevant economic theory, and summarizes and critiques the empirical research literature. By providing a clear-eyed view of what we know, what we do not know, and what the critical unanswered questions are, this Handbook provides an invaluable and wide-ranging examination of the many changes that have occurred in women's economic lives.
