Incentive theory

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  • To an economist, a contract is an agreement under which two parties make reciprocal commitments in terms of their behavior - a bilateral coordination arrangement. Of course, this formulation touches on the legal concept of the contract (a meeting of minds creating effects in law), but also transcends it.

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  • Intellectual Property Rights in a Networked World is a collection of recent essays offering fresh perspectives on the scope and future of intellectual property rights. The tripartite division of the book is designed to make this inter-disciplinary topic more accessible and intelligible to readers of diverse backgrounds. Part I consists of a single essay that provides a broad overview of the main themes in intellectual property scholarship, such as normative intellectual property theory and the legal infrastructure for property protection.

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  • This project originated in the Board on Testing and Assessment (BOTA) in 2002 as the No Child Left Behind (NCLB) Act of 2001 was in its early stages of implementation. The initial discussions were sparked by the different perspectives on the use of test-based incentives by the board members, whose expertise included a wide range of disciplines. In particular, the board’s interest in the topic was animated by the apparent tension between the economics and educational measurement literatures about the potential of test-based accountability to improve student achievement....

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  • In a competitive world of symmetric information and costless enforcement, credit contracts could be written conditional on borrower behavior. Borrowers would then have access to loans under any interest rate-collateral combination that would yield lenders a zero expected profit. However, as a large literature has shown, information asymmetries and enforcement costs make such conditional contracting infeasible and restrict the set of available contracts, eliminating as incentive incompatible high interest rate, low collateral contracts.

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  • This paper analyzes the role of the financial system for economic growth and stability, and addresses a number of core policy issues for financial sector reforms in emerging economies. The role of finance is studied in the context of a circuit model with interacting rational, forward- looking, and heterogeneous agents. Finance is shown to essentially complement the price system in coordinating decentralized intertemporal resource allocation choices from agents operating under limited information and incomplete trust.

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  • T   has ushered in great business opportunities—and great turmoil. Not since the Industrial Revolution have the stakes of dealing with change been so high. Most traditional organizations have accepted, in theory at least, that they must either change or die. And even Internet companies such as eBay, Amazon. com, and America Online recognize that they need to manage the changes associated with rapid entrepreneurial growth.

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  • T he land value tax is a variant of the property tax that imposes a higher tax rate on land than on improve- ments, or taxes only the land value. Many other types of changes in property tax policy, such as assessment freezes or limita- tions, have undesirable side effects, including unequal treatment of similarly situated tax- payers and distortion of economic incentives. Land value taxation would enhance both the fairness and the efficiency of the property tax.

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  • Chapter 19 Insurance Versus Incentives 19.1. Insurance with recursive contracts This chapter studies a planner who designs an efficient contract to supply insurance in the presence of incentive constraints imposed by his limited ability either to enforce contracts or to observe households’ actions or incomes.

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  • Chapter 23 Two topics in international trade 23.1. Two dynamic contracting problems This chapter studies two models in which recursive contracts are used to overcome incentive problems commonly thought to occur in international trade. The first is Andrew Atkeson’s model of lending in the context of a dynamic setting

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  • An economic system must provide the incentives to do those things that alleviate scarcity—produce more and consume less.An economic system must provide the incentives to do those things that alleviate scarcity—produce more and consume less.

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  • The organizational structure for project management is often chosen to mitigate risk in a weak capacity environment, but it may also reflect internal incentives that focus on speed of project processing and disbursement, and perceived stigmas in low implementation performance ratings. The result is often the use of PIUs—sometimes semi-permanently—even though regional studies have shown that they are suboptimal organizational arrangements and create problems of morale among government officials.

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  • Several overarching themes emerged from interviews with stakeholders in the six case-study states regarding issues both internal and external to incentive programs that encourage and discourage the adoption of small-scale renewable energy technologies in their respective states. First, external factors will be discussed; illuminating the backdrop against which these incentive programs operate is important in understanding and assessing program performance.

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  • Provided that the increased productive effi ciency of the cor- poration leads to growth in overall societal income and wealth, and that the income and wealth is fairly distributed within the society, it should then benefi t all or most members of the society in the long run. Th e high executive salary may then be justifi ed in consequentialist terms by being in the long term interests of all members of the society. Philosophically economic effi ciency as a justifi cation for executive salaries is, in terms of distributive justice, a form of incentive theory,...

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  • But there are also non-health-care industries in the list, creating a broad set of opportunities for workers. Figure 2 shows strong growth in construction. This is a broad industry that includes the construction of manufacturing and retail buildings, roads and bridges, utility systems, and homes. The ARRA will contribute to construction employment growth in the next few years through direct investments and incentives for private investment in infrastructure, the construction of power and communication structures, and the weatherization of homes.

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  • The advantage of the Hall-Liebman data set for our purposes is that, since we are concerned with the connection between executive risk taking and risk-taking incentives, it is necessary for us to have a very good estimate of the precise portfolio of executive stock option holdings, including details about the number, exercise price and maturities of all options held.

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  • After completing this chapter, students will be able to: Relate why the demand curve of an oligopolist may be kinked, compare the incentives and obstacles to collusion among oligopolists, contrast the potential positive and negative effects of advertising, utilize additional game-theory terminology and applications.

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  • This study examines typical bonus contracts, providing a more complete analysis of their accounting incentive effects than earlier studies. The theory is tested using actual parameters and definitions of bonus contracts for a sample of 94 companies. Two classes of tests are presented: accrual tests and tests of changes in accounting procedures. I define accruals as the difference between...

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  • Themaindifferencebetweenstockandmutualcompaniesrestswithwhocontrols thebankandreceivesitsprofits(Rasmusen1988).Astockcompanyisownedbyits stockholders,whocontrol(atleastintheory)themanagers,decidehowtodistribute profits, and are free to sell their stocks at any time. On the contrary, a mutual association is “owned” by itsmemberswho are also its depositors, but it is hardly controlled by them.

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