G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w18936
来源IDWorking Paper 18936
Bonus Culture: Competitive Pay, Screening, and Multitasking
Roland Bénabou; Jean Tirole
发表日期2013-04-04
出版年2013
语种英语
摘要This paper analyzes the impact of labor market competition and skill-biased technical change on the structure of compensation. The model combines multitasking and screening, embedded into a Hotelling-like framework. Competition for the most talented workers leads to an escalating reliance on performance pay and other high-powered incentives, thereby shifting effort away from less easily contractible tasks such as long-term investments, risk management and within-firm cooperation. Under perfect competition, the resulting efficiency loss can be larger than that imposed by a single firm or principal, who distorts incentives downward in order to extract rents. More generally, as declining market frictions lead employers to compete more aggressively, the monopsonistic underincentivization of low-skill agents first decreases, then gives way to a growing overincentivization of high-skill ones. Aggregate welfare is thus hill-shaped with respect to the competitiveness of the labor market, while inequality tends to rise monotonically. Bonus caps and income taxes can help restore balance in agents' incentives and behavior, but may generate their own set of distortions
主题Microeconomics ; Market Structure and Distribution ; Economics of Information ; Labor Economics ; Labor Compensation ; Industrial Organization ; Market Structure and Firm Performance ; Other ; Accounting, Marketing, and Personnel
URLhttps://www.nber.org/papers/w18936
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/576611
推荐引用方式
GB/T 7714
Roland Bénabou,Jean Tirole. Bonus Culture: Competitive Pay, Screening, and Multitasking. 2013.
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