Incentives For Research Agents
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Author | : Günter Bamberg |
Publisher | : Springer Science & Business Media |
Total Pages | : 538 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 3642750605 |
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.
Author | : Walter A. Garcia-Fontes |
Publisher | : Springer Science & Business Media |
Total Pages | : 105 |
Release | : 2012-01-12 |
Genre | : Medical |
ISBN | : 8493806277 |
Incentives for innovation are particularly relevant in the pharmaceutical industry where not all social needs provide equally profitable opportunities and where most OECD countries try to implement different measures that promote research in these less profitable areas. This book describes how incentives can be provided to deal with less profitable activities when no clear markets exist for the innovations. The book discusses alternative mechanisms to substitute for inexistent markets, situations where traditional instruments have proven totally insufficient, and the clear mismatch between the size of the markets being targeted and the incentives being provided. Patents become an ineffective way to incentivise R&D when the appropriability is low; this book provides alternative ideas such as allowing for a period of data exclusivity to firms that develop new drugs.
Author | : Suzanne Scotchmer |
Publisher | : MIT Press |
Total Pages | : 371 |
Release | : 2006-08-11 |
Genre | : Business & Economics |
ISBN | : 0262693437 |
Interest in intellectual property and other institutions that promote innovation exploded during the 1990s. Innovation and Incentives provides a clear and wide-ranging introduction to the economics of innovation, suitable for teaching at both the advanced undergraduate and graduate levels. It will also be useful to legal and economics professionals. Written by an expert on intellectual property and industrial organization, the book achieves a balanced mix of institutional details, examples, and theory. Analytical, empirical, or institutional factors can be given different emphases at different levels of study. Innovation and Incentives presents the historical, legal, and institutional contexts in which innovation takes place. After a historical overview of the institutions that support innovation, ranging from ancient history through today's government funding and hybrid institutions, the book discusses knowledge as a public good, the economic design of intellectual property, different models of cumulative innovation, the relation of competition to licensing and joint ventures, patent and copyright enforcement and litigation, private/public funding relationships, patent values and the return on R&D investment, intellectual property issues arising from direct and indirect network externalities, and globalization. The text presents technical and abstract analysis and at the same time sheds light on current controversies and policy-relevant topics, including the difficulty of enforcing copyright in the digital age and international protection of intellectual property.
Author | : A. Pepper |
Publisher | : Springer |
Total Pages | : 192 |
Release | : 2015-07-07 |
Genre | : Social Science |
ISBN | : 1137409258 |
This book proposes a revised theory of agency, drawing on ideas from behavioural economics and built on more robust assumptions about human behaviour than the standard principal-agent model. The book proposes new design principles for executive pay, but also explains the difficulties in changing current executive pay practices.
Author | : Jean-Jacques Laffont |
Publisher | : Princeton University Press |
Total Pages | : 436 |
Release | : 2009-12-27 |
Genre | : Business & Economics |
ISBN | : 1400829453 |
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.
Author | : Guillem Lopez-Casasnovas |
Publisher | : Springer Science & Business Media |
Total Pages | : 372 |
Release | : 2012-12-06 |
Genre | : Medical |
ISBN | : 3642765807 |
This volume contains selected papers from the First European Conference on Health Economics, held in Barcelona on 19-21 September 1989. The meeting was organized by the Spanish Health Economics Association (AES) and chaired by L. Bohigas. The following groups participated: the English Health Economists' Study Group, the Associa
Author | : Frank A. Sloan |
Publisher | : MIT Press |
Total Pages | : 437 |
Release | : 2008-05-23 |
Genre | : Business & Economics |
ISBN | : 0262195771 |
Leading scholars in the field of health economics evaluate the role of incentives in health and health-care decision making from the perspectives of both supply and demand.
Author | : Michael Chatfield |
Publisher | : Routledge |
Total Pages | : 678 |
Release | : 2014-02-05 |
Genre | : Business & Economics |
ISBN | : 1134675453 |
Global in scope, accounting has had its share of great thinkers and practitioners, from Luca Pacioloi, the father of accounting, to R. J. Chambers, W. W. Cooper, Yuji Ijiri, Stephen A. Zeff and other figures. This encyclopedia presents more than 400 entries that focus on such subjects as publications in the field, institutional bodies, accounting and economic concepts, accounting issues, authors in accounting, records, leaders in the profession, accounting in various countries, financial court cases, accounting exams and historical researchers.
Author | : United States. Environmental Protection Agency |
Publisher | : |
Total Pages | : 356 |
Release | : 1975 |
Genre | : Mine drainage |
ISBN | : |
Author | : Jason Scott Johnston |
Publisher | : Lexington Books |
Total Pages | : 233 |
Release | : 2012-04-12 |
Genre | : Political Science |
ISBN | : 0739169475 |
Institutions and Incentives in Regulatory Science explores fundamental problems with regulatory science in the environmental and natural resource law field. Each chapter covers a variety of natural resource and regulatory areas, ranging from climate change to endangered species protection and traditional health-based environmental regulation. Regulatory laws and institutions themselves strongly influence the direction of scientific research by creating a system of rewards and penalties for science. As a consequence, regulatory laws or institutions that are designed naively end up incentivizing scientists to generate and then publish only those results that further the substantive regulatory goals preferred by the scientists. By relying so heavily on science to dictate policy, regulatory laws and institutions encourage scientists to use their assessment of the state of the science to further their own preferred scientific and regulatory policy agendas. Additionally, many environmental and natural resource regulatory agencies have been instructed by legislatures to rely heavily upon science in their rulemaking. In areas of rapidly evolving science, regulatory agencies are inevitably looking for scientific consensus prematurely, before the scientific process has worked through competing hypotheses and evidence. The contributors in this volume address how institutions for regulatory science should be designed in light of the inevitable misfit between the political or legal demand for regulatory action and the actual state of evolving scientific knowledge.