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Performance of incentive contracts in highway PPP projects in Brazil
(2014-07-15)
Private-Public Partnerships (P.P.P.) is a new contractual model institutionalized in 2004 that could be used to remedy to the infrastructure deficit in Brazil. In a context of a principal and agent relation, the public ...
The trade-off between incentives and endogenous risk
(Sociedade Brasileira de Econometria, 2007-11-01)
Negative relationship between risk and incentives, predicted by standard moral hazard models, has not been confirmed by empirical work. We propose a moral hazard model in which heterogeneous risk-averse agents can control ...
Contract enforcement and incentive compatibility in large economies with differential information: the role of exact feasibility
(Escola de Pós-Graduação em Economia da FGV, 2007-06-01)
We consider exchange economies with a continuum of agents and differential information about finitely many states of nature. It was proved in Einy, Moreno and Shitovitz (2001) that if we allow for free disposal in the ...
Financial incentives and loan officer behavior: multitasking and allocation of effort under an incomplete contract
(EBAPE - Escola Brasileira de Administração Pública e de Empresas, 2015)
We investigate the implications of providing loan officers with a compensation structure that rewards loan volume and penalizes poor performance. Using a unique data set provided by a large international commercial bank, ...
How do different payment schemes to operators affect public transport concessions? A microeconomic model
(ELSEVIER SCI LTD, 2020)
In many large cities worldwide, private companies operate public transport systems under concession contracts granted by the local governments. The performance of these concessions, including the quality of service and ...
Performance-based compensation vs. guaranteed compensation: contractual incentives and performance
(2013-12-05)
Top management from retail banks must delegate authority to lower-level managers to operate branches and service centers. Doing so, they must navigate through conflicts of interest, asymmetric information and limited ...
The role of performance measure noise in mediating the relation between task complexity and outsourcing
(American Accounting Association, 2010)
This paper examines the effect of task complexity on a firm’s decision to
outsource and the mediating role of performance measure noise. Using insights from
agency and transaction cost economics theories, we predict that ...
Misguided quality incentives : The case of the santiago bus system
(2020-09)
This article helps explain why incentive-based contracts have failed in some cities. It also explicitly shows how contracted kilometer- and passenger-based payments affect transit service quality. First, we study how ...
Evidence on the incentive properties of share contracts
(2008)
Ever since Adam Smith, share contracts have been condemned for their lack of incentives. Sharecropping tenants face incentives to undersupply productive inputs since they receive only a fraction of the marginal revenue. ...
Economics of oil regulation and the Brazilian reform: some issues
(2011)
This paper reviews the economic fundamentals for regulation in the oil industry, with a focus on the current regulatory proposal for the Brazilian oil industry. The observed exploration and production (E&P) contracts foresee ...