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Relative Performance Provisions And Competitive Incentives
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Book Synopsis Relative Performance Provisions and Competitive Incentives by : Martin C. Schmalz
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.
Book Synopsis Incentives for Collaboration and Competition by : Jonas Heite
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.
Book Synopsis Selected Works of Joseph E. Stiglitz by : Joseph E. Stiglitz
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.
Book Synopsis Relative Status and Economic Behaviors by : Jaesun Lee
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.
Book Synopsis On Relative Performance Contracts and Fund Manager's Incentives by : Jurgen Eichberger
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:
Book Synopsis Regulation of Infrastructure and Utilities by : Alberto Asquer
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. ; ;
Book Synopsis Performance and Reward by : Patrick Gerard
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 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.
Book Synopsis Performance Requirements and Investment Incentives Under International Economic Law by : David Collins
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.
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.
Book Synopsis Managing the Regulatory Process by : J. Luis Guasch
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.
Book Synopsis Creating and Sustaining Competitive Advantage by : Chandra S. Mishra
Download or read book Creating and Sustaining Competitive Advantage written by Chandra S. Mishra and published by Springer. This book was released on 2017-06-13 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops a unified framework to explain the phenomena of competitive advantage and firm value creation in dynamic environments. Through a new strategic value creation theory, it explores how a firm can measure and sustain its competitive advantage through management incentives, capital market forces, organizational culture and structure, and social complexity. It also considers how management can utilize their resources and capabilities, shadow options, product market forces, customer needs, and organizational learning as a means to differentiate them from the competition. With an innovative approach to theory and research, it will be positioned to inform both scholars and practitioners in management, business strategy, and entrepreneurship on the process of competitive and sustainable value creation.
Book Synopsis Markets for Schooling by : Nick Adnett
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.
Book Synopsis Relative Performance Incentives by : William Timothy Mitchell
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:
Book Synopsis Designing Incentive Regulation for the Telecommunications Industry by : David E. Sappington
Download or read book Designing Incentive Regulation for the Telecommunications Industry written by David E. Sappington and published by American Enterprise Institute. This book was released on 1996 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book applies new advances in economic theory regarding the asymmetry of information between firms and their regulators to the design of improved telecommunications regulation.
Book Synopsis Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) by : Cheng Few Lee
Download or read book Handbook Of Financial Econometrics, Mathematics, Statistics, And Machine Learning (In 4 Volumes) written by Cheng Few Lee and published by World Scientific. This book was released on 2020-07-30 with total page 5053 pages. Available in PDF, EPUB and Kindle. Book excerpt: This four-volume handbook covers important concepts and tools used in the fields of financial econometrics, mathematics, statistics, and machine learning. Econometric methods have been applied in asset pricing, corporate finance, international finance, options and futures, risk management, and in stress testing for financial institutions. This handbook discusses a variety of econometric methods, including single equation multiple regression, simultaneous equation regression, and panel data analysis, among others. It also covers statistical distributions, such as the binomial and log normal distributions, in light of their applications to portfolio theory and asset management in addition to their use in research regarding options and futures contracts.In both theory and methodology, we need to rely upon mathematics, which includes linear algebra, geometry, differential equations, Stochastic differential equation (Ito calculus), optimization, constrained optimization, and others. These forms of mathematics have been used to derive capital market line, security market line (capital asset pricing model), option pricing model, portfolio analysis, and others.In recent times, an increased importance has been given to computer technology in financial research. Different computer languages and programming techniques are important tools for empirical research in finance. Hence, simulation, machine learning, big data, and financial payments are explored in this handbook.Led by Distinguished Professor Cheng Few Lee from Rutgers University, this multi-volume work integrates theoretical, methodological, and practical issues based on his years of academic and industry experience.
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.
