Managerial Incentive Problems: A Dynamic Perspective
Open accessAbstract
The paper studies how a person's concern for a future career may influence his or her incentives to put in effort or make decisions on the job. In the model, the person's productive abilities are revealed over time through observations of performance. There are no explicit output-contingent contracts, but since the wage in each period is based on expected output and expected output depends on assessed ability, an "implicit contract" links today's performance to future wages. An incentive problem arises from the person's ability and desire to influence the learning process, and therefore the wage process, by taking unobserved actions that affect today's performance. The fundamental incongruity in preferences is between the individual's concern for human capital returns and the firm's concern for financial returns. The two need be only weakly related. It is shown that career motives can be beneficial as well as detrimental, depending on how well the two kinds of capital returns are aligned.
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- Authors
- Holmstrom, B.
- Affiliations
- National Bureau of Economic Research (US)
- Corresponding author
- Holmstrom, Bengt
- Venue
- Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1999-01
- Volume
- 66
- Issue
- 1
- Pages
- 169-182
- ISSN
- 0034-6527 (ISSN-L)
- 1467-937X
- OpenAlex
- W2108548811
- Cited by
- 3,172
- References
- 22
- Citations by year
- 2026: 123 · 2025: 161 · 2024: 127 · 2023: 152 · 2022: 103 · 2021: 128 · 2020: 133 · 2019: 121 · 2018: 130 · 2017: 149 · 2016: 136 · 2015: 135 · 2014: 148 · 2013: 144 · 2012: 140
- FWCI
- 146.58
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- The Review of Economic Studies (publishedVersion)
- National Bureau of Economic Research (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- SSRN Electronic Journal (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Labor market dynamics and wage inequality
- Social Sciences › Safety Research › Experimental Behavioral Economics Studies
- Social Sciences › Business, Management and Accounting › Management Information Systems › Accounting and Organizational Management
- Keywords
- managerial incentives, career concerns, human capital, effort incentives, performance-based pay, implicit contracts, ability assessment, wage contracts
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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