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- handle: 10670/1.mo8z13
- hal: hal-04527031
- doi: 10.1086/684853
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info:eu-repo/semantics/altIdentifier/doi/10.1086/684853
info:eu-repo/semantics/OpenAccess
Mots-clés
incentives performance pay bonuses executive compensation inequality multitask D - Microeconomics/D.D3 - Distribution/D.D3.D31 - Personal Income, Wealth, and Their Distributions D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D82 - Asymmetric and Private Information • Mechanism Design D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D86 - Economics of Contract: Theory J - Labor and Demographic Economics/J.J3 - Wages, Compensation, and Labor Costs/J.J3.J31 - Wage Level and Structure • Wage Differentials J - Labor and Demographic Economics/J.J3 - Wages, Compensation, and Labor Costs/J.J3.J33 - Compensation Packages • Payment Methods L - Industrial Organization/L.L1 - Market Structure, Firm Strategy, and Market Performance/L.L1.L13 - Oligopoly and Other Imperfect Markets M - Business Administration and Business Economics • Marketing • Accounting • Personnel Economics/M.M1 - Business Administration/M.M1.M12 - Personnel Management • Executives; Executive CompensationSujets proches
Earnings Wage rates Wage-fund Departmental salaries Remuneration Pay Salaries Compensation Working class--WagesCiter ce document
Roland Bénabou et al., « Bonus Culture: Competitive Pay, Screening and Multitasking », HAL-SHS : économie et finance, ID : 10.1086/684853
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Résumé
To analyze the impact of labor market competition on the structure of compensation, we embed multitasking and screening within a Hotelling framework. Competition for talent leads to an escalation of performance pay, shifting effort away from long-term investments, risk management, and cooperation. Efficiency losses can exceed those from a single principal, who dulls incentives to extract rents. As competition intensifies, monopsonistic underincentivization of low-skill agents first decreases and then gives way to growing overincentivization of high-skill ones. Aggregate welfare is thus hill-shaped, while inequality tends to rise monotonically. Bonus caps can help restore balance in incentives but may generate other distortions.