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The Optimal Structure of Incentives and Authority within an Organization
Abstract
Two kinds of models for a productive organization are presented. In the first, both production and rewards are based on the performance of individuals, which is perfectly observed. Their abilities are not observable. Despite this, theorems are proved giving strong grounds for the equality of wages and marginal products unless there is monopsony in the labor market. This latter case is also discussed. The second model, which focuses on the imperfect observation of performance, allows interesting deductions about optimal payment schedules and organizational structure.
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Cited by
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
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Holmstrom, B. (1999) · Review of Economic Studies · doi:10.1111/1467-937x.00083 · Cited by 3,172
Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation
Grossman, S. J., & Hart, O. D. (1980) · The Bell Journal of Economics · doi:10.2307/3003400 · Cited by 3,098
Human Capital, Effort, and the Sexual Division of Labor
Becker, G. S. (1985) · Journal of Labor Economics · doi:10.1086/298075 · Cited by 2,417
Information and the Change in the Paradigm in Economics
Stiglitz, J. E. (2002) · American Economic Review · doi:10.1257/00028280260136363 · Cited by 1,455
Using Cost Observation to Regulate Firms
Laffont, J.-J., & Tirole, J. (1986) · Journal of Political Economy · doi:10.1086/261392 · Cited by 1,206
Bergen, M., Dutta, S., & Walker, O. C. (1992) · Journal of Marketing · doi:10.1177/002224299205600301 · Cited by 1,105
CEO compensation and incentives: Evidence from M&A bonuses
Grinstein, Y., & Hribar, P. (2004) · Journal of Financial Economics · doi:10.1016/j.jfineco.2003.06.002 · Cited by 650
Executive Pay, Hidden Compensation and Managerial Entrenchment
Kuhnen, C. M., & Zwiebel, J. H. (2007) · doi:10.2139/ssrn.972622 · Cited by 116
Metadata
- Authors
- Mirrlees, J. A.
- Venue
- The Bell Journal of Economics
- Publisher
- JSTOR
- Published
- 1976
- Volume
- 7
- Issue
- 1
- Pages
- 105
- ISSN
- 0361-915X (ISSN-L)
- OpenAlex
- W1605061461
- Cited by
- 870
- References
- 0
- FWCI
- 31.45
- Type
- journal article
- Language
- en
- Open access
- closed
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