Aggregation and linearity in the provision of intertemporal incentives
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Cites background from "Aggregation and linearity in the pr..."
...A special case of this, discussed in Holmstrom and Milgrom (1987),occurs when the agent acts on private information (to avoid adverse selection, one assumes that the information is observed after contracting)....
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...A remarkable fact, which we established in Holmstrom and Milgrom (1987), is that these trvo simplifiing assumptions are exactly offsetting in this model....
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2,476 citations
Additional excerpts
...Along these lines, prior studies that use vega as the 1See Holmstrom (1979), Mirrlees (1976), Holmstrom and Milgrom (1987), as well as the survey of Murphy (1999), for various interpretations of the principal-agent problem....
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2,454 citations
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Cites background from "Aggregation and linearity in the pr..."
...Jensen and Murphy (1998) and Hall and Liebman (2000), estimate empirical pay-performance measures....
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1,752 citations
References
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"Aggregation and linearity in the pr..." refers result in this paper
...In general, y is used to reduce risk in accordance with earlier results on relative performance evaluation (see Holmstrom, 1982)....
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3,092 citations