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The Performance Pay Nobel

The prize is for contract theory, the design of incentives. In our textbook, Modern Principles, Tyler and I cover some of this work, especially related to Holmstrom’s work on performance pay in simplified form. Let’s give a precis. Suppose that you as a principal are monitoring an agent who produces output. The output depends on […] The post The Performance Pay Nobel appeared first on Marginal REVOLUTION.
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Hart, a Professor of Economics at Harvard and Holmström, a Professor of Economics at MIT, have developed contract theory as a term of art. A key reason contracting can be considered an art—noted the Nobel Prize Committee—is because ...

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