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Displaying results 1 to 4 of 4.

  1. Reference points and the tradeoff between risk and incentives
    Author: Dohmen, Thomas; Non, Jan Adrianus; Stolp, Tom
    Published: November 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We conduct laboratory experiments to investigate basic predictions of principal-agent theory about the choice of piece rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the tradeoff... more

    Access:
    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 4
    Inter-library loan:
    No inter-library loan

     

    We conduct laboratory experiments to investigate basic predictions of principal-agent theory about the choice of piece rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the tradeoff between risk and incentives. Subjects in our experiments choose their compensation for performing a real-effort task from a menu of linear piece rate and fixed payment combinations. As classical principal-agent models predict, more risk averse individuals choose lower piece rates. However, in contrast to those predictions, we find that low-productivity risk averse workers choose higher piece rates when the riskiness of the environment increases. We hypothesize that reference points affect piece rate choice in risky environments, such that individuals whose expected earnings would exceed (fall below) the reference point in a risk-free environment behave risk averse (seeking) in risky environments. In a second experiment, we exogenously manipulate reference points and confirm this hypothesis.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/250496
    Series: Discussion paper series / IZA ; no. 14835
    Subjects: incentive; piece-rate; risk; reference point; laboratory experiment
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  2. Reference points and the tradeoff between risk and incentives
    Author: Dohmen, Thomas; Non, Jan Adrianus; Stolp, Tom
    Published: November 2021
    Publisher:  ECONtribute, Bonn

    We conduct laboratory experiments to investigate basic predictions of principal-agent theory about the choice of piece rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the tradeoff... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 711
    Inter-library loan:
    No inter-library loan

     

    We conduct laboratory experiments to investigate basic predictions of principal-agent theory about the choice of piece rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the tradeoff between risk and incentives. Subjects in our experiments choose their compensation for performing a real-effort task from a menu of linear piece rate and fixed payment combinations. As classical principal-agent models predict, more risk averse individuals choose lower piece rates. However, in contrast to those predictions, we find that low-productivity risk averse workers choose higher piece rates when the riskiness of the environment increases. We hypothesize that reference points affect piece rate choice in risky environments, such that individuals whose expected earnings would exceed (fall below) the reference point in a risk-free environment behave risk averse (seeking) in risky environments. In a second experiment, we exogenously manipulate reference points and confirm this hypothesis.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248667
    Series: ECONtribute discussion paper ; no. 125
    Subjects: Incentive; piece-rate; risk; reference point; laboratory experiment
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  3. Arbeidsmarktbehoefte hbo-masters in Noord-Brabant
    eindrapportage
    Author: Bisschop, Paul; Konijn, Stef; Stolp, Tom
    Published: januari 2021
    Publisher:  SEO Economisch Onderzoek, Amsterdam

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Rechte
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: Dutch
    Media type: Ebook
    Format: Online
    ISBN: 9789052201122
    Series: SEO-rapport ; nr. 2021, 05
    Subjects: Fachhochschule; Absolventen; Arbeitsmarktintegration; Arbeitsnachfrage; Niederlande
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  4. Monitor associate degree-opleiding
    tussenrapportage
    Author: Bisschop, Paul; Stolp, Tom; Berg, Emina van den; Graaf, Djoerd de
    Published: januari 2021
    Publisher:  SEO Economisch Onderzoek, Amsterdam

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Rechte
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: Dutch
    Media type: Ebook
    Format: Online
    ISBN: 9789052201108
    Series: SEO-rapport ; nr. 2021, 02
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen