Economics of Management: Discuss how effective is provision of incentives in firms and organizations Custom Essay
1. Discuss how effective is provision of incentives in firms and organizations.
2. Discuss the following: "When preconditions for market supply of goods and services are satisfied, then pay for performance is effective. But when performance is difficult to measure, there is a need to reward performance with pay.
Notes and Instructions:
Both answers should be around 750 words each. The references for answer 1 are the three Prendergast papers and the references for the second answer is the MacLeod lecture. Milgrom and Roberts is a good point to start for both the answers. You are encouraged to refer to other sources. For examples and any data you refer to try and provide references.
For answer 1, Explain incentives, and why are they relevant. Discuss conditions when incentives are provided. Find and provide examples of such contracts. Try to explain why such contracts are written. Provide examples of contracts where incentives are not provided, try and explain why.
For answer 2, explain the problems which may arise when measurement of output is a problem. In this case how should contracts be written. Provide examples when wages are decided before performance and provide examples when compensation is paid after performance.
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