Multi Task Principal Agent Analyses
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Aggregating Performance Measures in Multitask Principal-Agent Relationships
Author | : Veikko Thiele |
Publisher | : |
Total Pages | : 8 |
Release | : 2010 |
Genre | : |
ISBN | : |
It has been argued in the multitask agency literature that effort distortion can be mitigated by applying several performance measures in incentive contracts. This paper analyzes the efficient aggregation of multiple performance measures aimed at motivating non-distorted effort. It demonstrates that non-distorted effort can be induced by combining a sufficient quantity of informative performance measures. However, this is only optimal if the required aggregation concurrently maximizes the precision of the agent's performance evaluation. This paper further illustrates how the optimal performance evaluation is affected by individual agent's ability to perform relevant tasks.
Task-Specific Abilities in Multi-Task Principal-Agent Relationships
Author | : Veikko Thiele |
Publisher | : |
Total Pages | : 0 |
Release | : 2010 |
Genre | : |
ISBN | : |
This paper analyzes a multi-task agency framework where the agent exhibits task-specific abilities. It illustrates how incentive contracts account for the agent's task-specific abilities if contractible performance measures do not reflect the agent's multidimensional contribution to firm value. This paper further sheds light on potential ranking criteria for performance measures in multi-task principal-agent relationships. It demonstrates that performance measures in multi-task agencies cannot necessarily be compared by their respective signal-to-noise ratio as in single-task agency relationships. In fact, it is indispensable to take the induced effort distortion and the measure-cost efficiency into consideration - both determined by the agent's task-specific abilities.
The Theory of the Firm
Author | : Nicolai J. Foss |
Publisher | : Taylor & Francis |
Total Pages | : 344 |
Release | : 2000 |
Genre | : Business enterprises |
ISBN | : 9780415196390 |
Performance Measurement and Management Control
Author | : Antonio Davila |
Publisher | : Emerald Group Publishing |
Total Pages | : 504 |
Release | : 2012-06-08 |
Genre | : Business & Economics |
ISBN | : 1780529112 |
In addition to the three plenary sessions, this volume contains some of the exemplary papers that were presented at the 2011 conference; representing a collection of leading research in management control and performance measurement and providing a significant contribution to the growing literature in the area.