激励和相对财富问题

IF 0.9 Q3 BUSINESS, FINANCE

Quarterly Journal of Finance Pub Date : 2014-12-01 DOI:10.1142/S201013921450013X

Salvatore Miglietta

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引用次数: 3

摘要

如果风险厌恶者更倾向于在绝对价值和相对于他们的同伴(相对财富关注)上更富有，那么(1)他们更倾向于正相关，(2)他们更倾向于负相关。一项实验室实验表明，受试者更喜欢正相关的回报。对相对收益感兴趣的受试者对负相关收益表现出更强的厌恶。这一新证据对企业广泛使用基础广泛的激励计划和企业很少使用相对绩效评估(RPE)合同具有启发意义。

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Incentives and Relative Wealth Concerns

If risk-averse agents prefer to be wealthier both in absolute terms and relative to their peers (relative wealth concerns), then (1) they prefer positive correlation, and (2) they are averse to negative correlation between their payoffs. A laboratory experiment shows that subjects prefer positively correlated payoffs. Subjects interested in relative payoffs display stronger aversion to negatively correlated payoffs. This novel evidence has implications that motivate firms' extensive use of broad-based incentive plans and firms' scarce use of Relative Performance Evaluation (RPE) contracts.

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来源期刊

Quarterly Journal of Finance BUSINESS, FINANCE-

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The Quarterly Journal of Finance publishes high-quality papers in all areas of finance, including corporate finance, asset pricing, financial econometrics, international finance, macro-finance, behavioral finance, banking and financial intermediation, capital markets, risk management and insurance, derivatives, quantitative finance, corporate governance and compensation, investments and entrepreneurial finance.