the theory of incentives

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The Theory Of Incentives

Author : Jean-Jacques Laffont
ISBN : 1400829453
Genre : Business & Economics
File Size : 65. 43 MB
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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.

The Theory Of Incentives

Author : David Martimort
ISBN : 8122417108
Genre : Economics
File Size : 53. 89 MB
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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.

A Theory Of Incentives In Procurement And Regulation

Author : Jean-Jacques Laffont
ISBN : 0262121743
Genre : Business & Economics
File Size : 80. 37 MB
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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.

The Principal Agent Model

Author : Jean-Jacques Laffont
ISBN : IND:30000095311134
Genre : Business & Economics
File Size : 76. 30 MB
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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.

The Economic Theory Of Incentives

Author : David Martimort
ISBN : 178536443X
Genre : Economics
File Size : 64. 61 MB
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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.

Insurance And Incentives In Labor Contracts

Author : Oliver Fabel
ISBN : UCAL:B3678788
Genre : Equilibrium (Economics)
File Size : 38. 73 MB
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The Economics Of Contracts

Author : Eric Brousseau
ISBN : 0521893135
Genre : Business & Economics
File Size : 34. 13 MB
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A 2002 survey of economics of contracts appealing to scholars in economics, management and law.

Elements Of Pure Economics

Author : Léon Walras
ISBN : 0415313406
Genre : Business & Economics
File Size : 85. 29 MB
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Elements of Pure Economics was one of the most influential works in the history of economics, and the single most important contribution to the marginal revolution. Walras' theory of general equilibrium remains one of the cornerstones of economic theory more than 100 years after it was first published.

Agency Theory Information And Incentives

Author : Günter Bamberg
ISBN : 9783642750601
Genre : Business & Economics
File Size : 22. 25 MB
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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.

Incentive Theory And Motivation

Author : IntroBooks
ISBN :
Genre : Self-Help
File Size : 49. 81 MB
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Motivation is one of the foremost driving forces of human nature. Its what puts us at the edge of every action and activity; it is the sole driving force that keeps us to moving forward in our journey to live and write our own story of life. It might seem philosophical in the beginning, and yet its motivation alone that wakes us up every day, keeps us alive every minute we exist, prompts us to complete our daily tasks and ultimately aim for a higher and a better of living. We have it inside of us and everybody is possessed with it. Indeed, several socio-political and economic issues and disasters that we observe often, can actually be very much related to a lack of motivation among people’s lives. Motivation can thus be equated as a synonym for ‘morale’. Ever since the beginning of time, motivation has always been with us. Its what led our earliest ancestors to stay alive in spite of numerous hardships that existed back then, prompted them to ‘get the hunt in time’ and made sure that groups never faded away. Motivation has been the prime factor behind every individual we remember today! Einstein invented the theory of relativity and everything scientists have been able to know of the universe because he was motivated to discover things nobody had done so before, with passion and energy. Human civilisation is in itself a by-product of motivated spirits; the inherent thirst to keep moving forward that has allowed humans as a species to test the forces of time.

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