The Economic Theory Of Incentives

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The Theory of Incentives

Author : Jean-Jacques Laffont
Publisher : Princeton University Press
ISBN 13 : 1400829453
Total Pages : 440 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Incentives by : Jean-Jacques Laffont

Download or read book The Theory of Incentives written by Jean-Jacques Laffont and published by Princeton University Press. This book was released on 2009-12-27 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics has much to do with incentives--not least, incentives to work hard, to produce quality products, to study, to invest, and to save. Although Adam Smith amply confirmed this more than two hundred years ago in his analysis of sharecropping contracts, only in recent decades has a theory begun to emerge to place the topic at the heart of economic thinking. In this book, Jean-Jacques Laffont and David Martimort present the most thorough yet accessible introduction to incentives theory to date. Central to this theory is a simple question as pivotal to modern-day management as it is to economics research: What makes people act in a particular way in an economic or business situation? In seeking an answer, the authors provide the methodological tools to design institutions that can ensure good incentives for economic agents. This book focuses on the principal-agent model, the "simple" situation where a principal, or company, delegates a task to a single agent through a contract--the essence of management and contract theory. How does the owner or manager of a firm align the objectives of its various members to maximize profits? Following a brief historical overview showing how the problem of incentives has come to the fore in the past two centuries, the authors devote the bulk of their work to exploring principal-agent models and various extensions thereof in light of three types of information problems: adverse selection, moral hazard, and non-verifiability. Offering an unprecedented look at a subject vital to industrial organization, labor economics, and behavioral economics, this book is set to become the definitive resource for students, researchers, and others who might find themselves pondering what contracts, and the incentives they embody, are really all about.

Incentives

Author : Donald E. Campbell
Publisher : Cambridge University Press
ISBN 13 : 1107035244
Total Pages : 699 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Incentives by : Donald E. Campbell

Download or read book Incentives written by Donald E. Campbell and published by Cambridge University Press. This book was released on 2018-02-22 with total page 699 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines incentives at work to see how and how well coordination is achieved by motivating individual decision makers.

The Economic Theory of Incentives

Author : David Martimort
Publisher :
ISBN 13 : 9781785364433
Total Pages : 1904 pages
Book Rating : 4.3/5 (644 download)

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Book Synopsis The Economic Theory of Incentives by : David Martimort

Download or read book The Economic Theory of Incentives written by David Martimort and published by . This book was released on 2017-11-24 with total page 1904 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive two-volume research collection recaps major literary contributions to the economic theory of incentives. The carefully selected papers spanning forty years analyse and review collective decision problems in the context of asymmetric information, moral hazard and incomplete contracting. Together with an original introduction by the editor, this collection would be a valuable addition to the bookshelves of any serious scholar and student in the field.

The Principal Agent Model

Author : Jean-Jacques Laffont
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 726 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Principal Agent Model by : Jean-Jacques Laffont

Download or read book The Principal Agent Model written by Jean-Jacques Laffont and published by Edward Elgar Publishing. This book was released on 2003 with total page 726 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of asymmetric information has been the most important new tool of economic analysis and has proved powerful in explaining many aspects of the functioning of the economy. This anthology brings together every major paper in the field.

Management Theory by Chester Barnard

Author : Kazuhito Isomura
Publisher : Springer Nature
ISBN 13 : 981162979X
Total Pages : 119 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Management Theory by Chester Barnard by : Kazuhito Isomura

Download or read book Management Theory by Chester Barnard written by Kazuhito Isomura and published by Springer Nature. This book was released on 2021-06-25 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains Chester Barnard’s management theory clearly, faithfully, and systematically. When Barnard published The Functions of the Executive in 1938, it caused a paradigm shift in the research area of management. He aimed to clarify what executives should do, and how and why, as he argued that executive functions and processes are deeply related to specialization, incentive, authority and communication, decision making, and responsibility and leadership. Thus, The Functions of the Executive is essential reading for management students. This book serves as an introductory guide for undergraduate and graduate students to help them understand Barnard’s management theory. In addition, the book enables researchers to understand how Barnard developed his theory. He accumulated a great amount of experience in managing diverse organizations in both the private and public sectors. Then he gradually shifted his focus from scalar organizations, authority, and vertical communication to lateral organizations, responsibility, and horizontal communication. Finally, this book offers businesspeople helpful insights to create an innovative style of management. As a practitioner, Barnard recognized not only the importance of science but also that of art and value. Experienced businesspeople use not only formal knowledge but also their behavioral and personal knowledge, intuition, business sense, value, and executive art to understand the whole situation, balance conflicting factors, and produce creative solutions. Thus, this book also explores the management abilities that businesspeople need to develop.

The Theory Of Incentives

Author : David Martimort
Publisher :
ISBN 13 : 9788122417104
Total Pages : 0 pages
Book Rating : 4.4/5 (171 download)

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Book Synopsis The Theory Of Incentives by : David Martimort

Download or read book The Theory Of Incentives written by David Martimort and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics Has Much To Do With Incentives Not Least, Incentives To Work Hard, To Produce Quality Products, To Study, To Invest, And To Save. Although Adam Smith Amply Confirmed This More Than Two Hundred Years Ago In His Analysis Of Sharecropping Contracts, Only In Recent Decades Has A Theory Begun To Emerge To Place The Topic At The Heart Of Economic Thinking. In This Book, Jean-Jacques Laffont And David Martimort Present The Most Thorough Yet Accessible Introduction To Incentives Theory To Date. Central To This Theory Is A Simple Question As Pivotal To Modern-Day Management As It Is To Economics Research: What Makes People Act In A Particular Way In An Economic Or Business Situation? In Seeking An Answer, The Authors Provide The Methodological Tools To Design Institutions That Can Ensure Good Incentives For Economic Agents.This Book Focuses On The Principal-Agent Model, The Simple Situation Where A Principal, Or Company, Delegates A Task To A Single Agent Through A Contract The Essence Of Management And Contract Theory. How Does The Owner Or Manager Of A Firm Align The Objectives Of Its Various Members To Maximize Profits? Following A Brief Historical Overview Showing How The Problem Of Incentives Has Come To The Fore In The Past Two Centuries, The Authors Devote The Bulk Of Their Work To Exploring Principal-Agent Models And Various Extensions Thereof In Light Of Three Types Of Information Problems: Adverse Selection, Moral Hazard, And Non-Verifiability. Offering An Unprecedented Look At A Subject Vital To Industrial Organization, Labor Economics, And Behavioral Economics, This Book Is Set To Become The Definitive Resource For Students, Researchers, And Others Who Might Find Themselves Pondering What Contracts, And The Incentives They Embody, Are Really All About.This Special Low-Priced Edition Is For Sale In India, Bangladesh, Bhutan, Maldives, Nepal, Myanmar, Pakistan And Sri Lanka Only.

Agency Theory, Information, and Incentives

Author : Günter Bamberg
Publisher : Springer Science & Business Media
ISBN 13 : 3642750605
Total Pages : 538 pages
Book Rating : 4.6/5 (427 download)

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Book Synopsis Agency Theory, Information, and Incentives by : Günter Bamberg

Download or read book Agency Theory, Information, and Incentives written by Günter Bamberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency Theory is a new branch of economics which focusses on the roles of information and of incentives when individuals cooperate with respect to the utilisation of resources. Basic approaches are coming from microeco nomic theory as well as from risk analysis. Among the broad variety of ap plications are: the many designs of contractual arrangements, organiza tions, and institutions as well as the manifold aspects of the separation of ownership and control so fundamental for business finance. After some twenty years of intensive research in the field of information economics it might be timely to present the most basic issues, questions, models, and applications. This volume Agency Theory, Information, and Incentives offers introductory surveys as well as results of individual rese arch that seem to shape that field of information economics appropriately. Some 30 authors were invited to present their subjects in such a way that students could easily become acquainted with the main ideas of informa tion economics. So the aim of Agency Theory, Information, and Incentives is to introduce students at an intermediate level and to accompany their work in classes on microeconomics, information economics, organization, management theory, and business finance. The topics selected form the eight sections of the book: 1. Agency Theory and Risk Sharing 2. Information and Incentives 3. Capital Markets and Moral Hazard 4. Financial Contracting and Dividends 5. External Accounting and Auditing 6. Coordination in Groups 7. Property Rights and Fairness 8. Agency Costs.

Equality, Moral Incentives, and the Market

Author : Joseph H. Carens
Publisher : Joseph H. Carens
ISBN 13 : 0226092690
Total Pages : 268 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Equality, Moral Incentives, and the Market by : Joseph H. Carens

Download or read book Equality, Moral Incentives, and the Market written by Joseph H. Carens and published by Joseph H. Carens. This book was released on 1981-01-01 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book argues that by relying on moral incentives it is possible, in principle, to separate the organizational advantages of the market from its distributional disadvantages. In theory, we can imagine a politico-economic system that distributes income equally (or on some other principle) but has all the efficiency characteristics of a capitalist market system. This shows that the market can provide an institutional mechanism for realizing ideals of distributive justice. The book provides a theoretical model of the system, identifying its requirements. It then offers arguments from empirical social science about why the model should work under appropriate conditions.

The Moral Economy

Author : Samuel Bowles
Publisher : Yale University Press
ISBN 13 : 0300221088
Total Pages : 200 pages
Book Rating : 4.3/5 (2 download)

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Book Synopsis The Moral Economy by : Samuel Bowles

Download or read book The Moral Economy written by Samuel Bowles and published by Yale University Press. This book was released on 2016-05-28 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should the idea of economic man—the amoral and self-interested Homo economicus—determine how we expect people to respond to monetary rewards, punishments, and other incentives? Samuel Bowles answers with a resounding “no.” Policies that follow from this paradigm, he shows, may “crowd out” ethical and generous motives and thus backfire. But incentives per se are not really the culprit. Bowles shows that crowding out occurs when the message conveyed by fines and rewards is that self-interest is expected, that the employer thinks the workforce is lazy, or that the citizen cannot otherwise be trusted to contribute to the public good. Using historical and recent case studies as well as behavioral experiments, Bowles shows how well-designed incentives can crowd in the civic motives on which good governance depends.

Incentives and Test-Based Accountability in Education

Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309225078
Total Pages : 111 pages
Book Rating : 4.3/5 (92 download)

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Book Synopsis Incentives and Test-Based Accountability in Education by : National Research Council

Download or read book Incentives and Test-Based Accountability in Education written by National Research Council and published by National Academies Press. This book was released on 2011-10-18 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there have been increasing efforts to use accountability systems based on large-scale tests of students as a mechanism for improving student achievement. The federal No Child Left Behind Act (NCLB) is a prominent example of such an effort, but it is only the continuation of a steady trend toward greater test-based accountability in education that has been going on for decades. Over time, such accountability systems included ever-stronger incentives to motivate school administrators, teachers, and students to perform better. Incentives and Test-Based Accountability in Education reviews and synthesizes relevant research from economics, psychology, education, and related fields about how incentives work in educational accountability systems. The book helps identify circumstances in which test-based incentives may have a positive or a negative impact on student learning and offers recommendations for how to improve current test-based accountability policies. The most important directions for further research are also highlighted. For the first time, research and theory on incentives from the fields of economics, psychology, and educational measurement have all been pulled together and synthesized. Incentives and Test-Based Accountability in Education will inform people about the motivation of educators and students and inform policy discussions about NCLB and state accountability systems. Education researchers, K-12 school administrators and teachers, as well as graduate students studying education policy and educational measurement will use this book to learn more about the motivation of educators and students. Education policy makers at all levels of government will rely on this book to inform policy discussions about NCLB and state accountability systems.

Incentives

Author : Donald E. Campbell
Publisher : Cambridge University Press
ISBN 13 : 1108547958
Total Pages : 700 pages
Book Rating : 4.1/5 (85 download)

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Book Synopsis Incentives by : Donald E. Campbell

Download or read book Incentives written by Donald E. Campbell and published by Cambridge University Press. This book was released on 2018-02-22 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: When incentives work well, individuals prosper. When incentives are poor, the pursuit of self-interest is self-defeating. This book is wholly devoted to the topical subject of incentives from individual, collective, and institutional standpoints. This third edition is fully updated and expanded, including a new section on the 2007–08 financial crisis and a new chapter on networks as well as specific applications of school placement for students, search engine ad auctions, pollution permits, and more. Using worked examples and lucid general theory in its analysis, and seasoned with references to current and past events, Incentives: Motivation and the Economics of Information examines: the performance of agents hired to carry out specific tasks, from taxi drivers to CEOs; the performance of institutions, from voting schemes to medical panels deciding who gets kidney transplants; a wide range of market transactions, from auctions to labor markets to the entire economy. Suitable for advanced undergraduate and graduate students studying incentives as part of courses in microeconomics, economic theory, managerial economics, political economy, and related areas of social science.

A Theory of Incentives in Procurement and Regulation

Author : Jean-Jacques Laffont
Publisher : MIT Press
ISBN 13 : 9780262121743
Total Pages : 746 pages
Book Rating : 4.1/5 (217 download)

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Book Synopsis A Theory of Incentives in Procurement and Regulation by : Jean-Jacques Laffont

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.

Incentives and Political Economy

Author : Jean-Jacques Laffont
Publisher : OUP Oxford
ISBN 13 : 0191522228
Total Pages : 272 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis Incentives and Political Economy by : Jean-Jacques Laffont

Download or read book Incentives and Political Economy written by Jean-Jacques Laffont and published by OUP Oxford. This book was released on 2000-03-30 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economics has only recently recognized the need to incorporate political constraints into economic analysis intended for policy advisors. "Incentives and Political Economy" uses recent advances in contract theory to build a normative approach to constitutional design in economic environments. It is written by one of Europe's leading theorists. The first part of the book remains in the tradition of benevolent constitutional design with complete contracting. It treats politicians as informed supervisors and studies how the Constitution should control them, in particular to avoid capture by interest groups. Incentive theories for the separation of powers or systems of checks and balances are developed. The second part of the book recognizes the incompleteness of the constitutional contract which leaves a lot of discretion to the politicians selected by the electoral process. Asymmetric information associates information rents with economic policies and the political game becomes a game of costly redistribution of those rents. Professor Laffont investigates the trade-offs between an inflexible constitution which leaves little discretion to politicians but sacrifices ex post efficiency and a constitution weighted towards ex post efficiency but also giving considerable discretion to politicians to pursue private agendas. The final part of the book reconsiders the modeling of collusion given asymmetric information. It proposes a new approach to characterizing incentives constraints for group behaviour when asymmetric information is non-verifiable. This provides a methodology to characterize the optimal constitutional response to activities of interest groups and to study the design of any institutions in which group behavior is important.

Innovation Economics, Engineering and Management Handbook 1

Author : Dimitri Uzunidis
Publisher : John Wiley & Sons
ISBN 13 : 1119832489
Total Pages : 466 pages
Book Rating : 4.1/5 (198 download)

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Book Synopsis Innovation Economics, Engineering and Management Handbook 1 by : Dimitri Uzunidis

Download or read book Innovation Economics, Engineering and Management Handbook 1 written by Dimitri Uzunidis and published by John Wiley & Sons. This book was released on 2021-06-08 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: Innovation, in economic activity, in managerial concepts and in engineering design, results from creative activities, entrepreneurial strategies and the business climate. Innovation leads to technological, organizational and commercial changes, due to the relationships between enterprises, public institutions and civil society organizations. These innovation networks create new knowledge and contribute to the dissemination of new socio-economic and technological models, through new production and marketing methods. Innovation Economics, Engineering and Management Handbook 1 is the first of the two volumes that comprise this book. The main objectives across both volumes are to study the innovation processes in todays information and knowledge society; to analyze how links between research and business have intensified; and to discuss the methods by which innovation emerges and is managed by firms, not only from a local perspective but also a global one. The studies presented in these two volumes contribute toward an understanding of the systemic nature of innovations and enable reflection on their potential applications, in order to think about the meaning of growth and prosperity.

Innovation and Incentives

Author : Suzanne Scotchmer
Publisher : MIT Press
ISBN 13 : 0262693437
Total Pages : 371 pages
Book Rating : 4.2/5 (626 download)

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Book Synopsis Innovation and Incentives by : Suzanne Scotchmer

Download or read book Innovation and Incentives written by Suzanne Scotchmer and published by MIT Press. This book was released on 2006-08-11 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in intellectual property and other institutions that promote innovation exploded during the 1990s. Innovation and Incentives provides a clear and wide-ranging introduction to the economics of innovation, suitable for teaching at both the advanced undergraduate and graduate levels. It will also be useful to legal and economics professionals. Written by an expert on intellectual property and industrial organization, the book achieves a balanced mix of institutional details, examples, and theory. Analytical, empirical, or institutional factors can be given different emphases at different levels of study. Innovation and Incentives presents the historical, legal, and institutional contexts in which innovation takes place. After a historical overview of the institutions that support innovation, ranging from ancient history through today's government funding and hybrid institutions, the book discusses knowledge as a public good, the economic design of intellectual property, different models of cumulative innovation, the relation of competition to licensing and joint ventures, patent and copyright enforcement and litigation, private/public funding relationships, patent values and the return on R&D investment, intellectual property issues arising from direct and indirect network externalities, and globalization. The text presents technical and abstract analysis and at the same time sheds light on current controversies and policy-relevant topics, including the difficulty of enforcing copyright in the digital age and international protection of intellectual property.

Behavioral Public Economics

Author : Shinji Teraji
Publisher : Routledge
ISBN 13 : 1000456498
Total Pages : 319 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Behavioral Public Economics by : Shinji Teraji

Download or read book Behavioral Public Economics written by Shinji Teraji and published by Routledge. This book was released on 2021-09-26 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral Public Economics shows how standard public economics can be improved using insights from behavioral economics. Public economics typically lists four market failures that may justify government intervention in markets—imperfect competition (or natural monopoly), externalities, public goods, and asymmetric information. Under the rational choice paradigm (‘agents choose what is best for them’), public economics has examined the welfare effects of policy. Recent research in behavioral economics highlights a fifth market failure—individuals may make mistakes in pursuing their own well-being. This book calls for a rethinking of assumptions of individual behavior and provides a good foundation for public economic theory. Key features: Introduces behavioral perspectives into public economics. Explains why economic incentives often undermine social preferences. Reveals that social incentives matter for public policy. This book will be an invaluable resource for researchers and postgraduate students in public economics, behavioral economics, and public policy.

Rethinking Investment Incentives

Author : Ana Teresa Tavares-Lehmann
Publisher : Columbia University Press
ISBN 13 : 0231541643
Total Pages : 369 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Rethinking Investment Incentives by : Ana Teresa Tavares-Lehmann

Download or read book Rethinking Investment Incentives written by Ana Teresa Tavares-Lehmann and published by Columbia University Press. This book was released on 2016-07-12 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments often use direct subsidies or tax credits to encourage investment and promote economic growth and other development objectives. Properly designed and implemented, these incentives can advance a wide range of policy objectives (increasing employment, promoting sustainability, and reducing inequality). Yet since design and implementation are complicated, incentives have been associated with rent-seeking and wasteful public spending. This collection illustrates the different types and uses of these initiatives worldwide and examines the institutional steps that extend their value. By combining economic analysis with development impacts, regulatory issues, and policy options, these essays show not only how to increase the mobility of capital so that cities, states, nations, and regions can better attract, direct, and retain investments but also how to craft policy and compromise to ensure incentives endure.