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The Value of Signals in Hidden Action Models: Concepts, Application, and Empirical Evidence - Softcover
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Inhaltsangabe
Effort Misallocation and the Value of Signals.- 2.1 Problems of Non-contractibility.- 2.1.1 Different Types of Non-contractibility.- 2.1.2 Mechanisms to Enforce Non-contractible Actions.- 2.1.3 Optimal Incentives in the Single Effort Model.- 2.1.4 Misallocation in the Multiple Effort Model.- 2.2 Decomposing Agency Costs.- 2.2.1 Agency Costs.- 2.2.2 Feasibility and Uncertainty Costs.- 2.2.3 Identifying Misallocation Costs.- 2.2.4 The Value of Signals.- 2.2.5 Alternative Measures of Misallocation.- 2.3 Relationship between Misallocation and Uncertainty.- 2.3.1 Uncertainty-induced Misallocation.- 2.3.2 Misallocation Without Uncertainty.- 2.3.3 Bias and Uncertainty in Statistics.- 2.4 Summary.- Firm Performance Measures.- 3.1 Multiple Agents and Free-Riding.- 3.1.1 Principal as Budget Breaker.- 3.1.2 When Costs Are Private Information.- 3.2 The Use of Benefit Signals.- 3.2.1 Lazear's Input versus Output Measure Model.- 3.2.2 A Misallocation-uncertainty Trade-off Model.- 3.3 Implications and Implementation.- 3.3.1 Benefits and Costs of Firm Performance Measures.- 3.3.2 Gauging the Intensity of Performance Measures.- 3.3.3 Proxies for Misallocation Costs.- 3.4 Summary.- Statistical Model and Empirical Evidence.- 4.1 Empirical Studies of the Value of Signals.- 4.1.1 Do Incentives Matter?.- 4.1.2 Choice of Incentive Schemes.- 4.2 The ECMOSS Data Set.- 4.2.1 Survey Design.- 4.2.2 Performance Pay Variables.- 4.2.3 Task Descriptors.- 4.2.4 Expected Relationships Between Tasks and Pay.- 4.2.5 The Bonus-pay Censoring Problem.- 4.3 Estimation Under Multivariate Censoring.- 4.3.1 Survey of Estimation Methods.- 4.3.2 Constructing an Estimator.- 4.3.3 Application to the Bonus Pay Censoring Problem.- 4.4 Results.- 4.4.1 Task Descriptors.- 4.4.2 Control Variables.- 4.5 Summary.- Conclusion.- A Properties of the Multivariate Censoring Estimator.- B Stata Programme.- B Stata Programme.- C Tables.- References.- List of Figures.- List of Tables.- List of Symbols.
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