G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4250
DP4250 Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Credit Rating Announcements
Martin Weber; Lars Norden
发表日期2004-02-23
出版年2004
语种英语
摘要This Paper examines optimal incentives and performance measurement in a setting where an agent has specific knowledge about the consequences of their actions for the principal. I study incentive contracts in which the agent?s compensation can be based on both ?input? measures closely related to the agent?s actions, and ?output? measures closely related to the principal?s pay-off. I argue that when the agent has specific knowledge (i.e. private information that is difficult to communicate) about how their actions contribute to the principal?s pay-off, output-based pay encourages the agent to use their knowledge while input-based pay does not. I show within a two-task agency model that (partially) output-based compensation is optimal even when the agent?s actions on each task can be measured perfectly. Comparative statics results show how the optimal choice of performance measures and incentives depends on the agent?s knowledge, environmental risk, technological uncertainty, and job complexity. The theory leads to several novel predictions, as well as new explanations for existing empirical findings.
主题Industrial Organization
关键词M52 Specific knowledge Performance measurement Incentives Risk Multitask agency model Input- vs output-based pay Distortion
URLhttps://cepr.org/publications/dp4250
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/533216
推荐引用方式
GB/T 7714
Martin Weber,Lars Norden. DP4250 Informational Efficiency of Credit Default Swap and Stock Markets: The Impact of Credit Rating Announcements. 2004.
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