Trust And Incentives In Principal Agent Negotiations PDF Download
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Author | : Andrew B. Whitford |
Publisher | : |
Total Pages | : 0 |
Release | : 2005 |
Genre | : |
ISBN | : |
Download Trust and Incentives in Principal-Agent Negotiations Book in PDF, ePub and Kindle
The canonical principal-agent problem involves a risk-neutral principal who must use incentives to motivate a risk-averse agent to take a costly, unobservable action that improves the principal's payoff. The standard solution requires an inefficient shifting of risk to the agent. This paper, however, summarizes experimental research that throws doubt on the validity of this conclusion. Experimental subjects were routinely able to achieve efficiency in agent effort levels without inefficient risk-sharing. These experimental outcomes, while anomalous from the standpoint of principal-agency theory, are quite consistent with other experimental data testing notions of trust-based implicit contracting. Such contracting within a hierarchy may allow an outcome preferred, by both principal and agent, to that deemed possible by principal-agency theory. If this is true, then the lessons to be learned from principal-agency theory are all the wrong ones. Concentrating on incentives can crowd out the very qualities in a relationship that make social efficiency possible.
Author | : Andrew B. Whitford |
Publisher | : |
Total Pages | : 0 |
Release | : 2015 |
Genre | : |
ISBN | : |
Download Principal-Agent Negotiations with Teams of Agents Book in PDF, ePub and Kindle
We examine how a principal implements a joint forcing contract for a team of two agents, whose joint product determines the value of the principal's asset. We focus on the "agents' problem": whether to contribute to a public good when one's costly contribution is unobservable. Our experiments show that agents provide higher levels of effort than predicted given the principal's imposed contract. While principals governing teams of agents sometimes do use incentives, in cases where incentives are not present - if agents trust one another - they are each more likely to contribute high effort.
Author | : Roderick M. Kramer |
Publisher | : Russell Sage Foundation |
Total Pages | : 394 |
Release | : 2004-04-29 |
Genre | : Political Science |
ISBN | : 1610443381 |
Download Trust and Distrust In Organizations Book in PDF, ePub and Kindle
The effective functioning of a democratic society—including social, business, and political interactions—largely depends on trust. Yet trust remains a fragile and elusive resource in many of the organizations that make up society's building blocks. In their timely volume, Trust and Distrust in Organizations, editors Roderick M. Kramer and Karen S. Cook have compiled the most important research on trust in organizations, illuminating the complex nature of how trust develops, functions, and often is thwarted in organizational settings. With contributions from social psychologists, sociologists, political scientists, economists, and organizational theorists, the volume examines trust and distrust within a variety of settings—from employer-employee and doctor-patient relationships, to geographically dispersed work teams and virtual teams on the internet. Trust and Distrust in Organizations opens with an in-depth examination of hierarchical relationships to determine how trust is established and maintained between people with unequal power. Kurt Dirks and Daniel Skarlicki find that trust between leaders and their followers is established when people perceive a shared background or identity and interact well with their leader. After trust is established, people are willing to assume greater risks and to work harder. In part II, the contributors focus on trust between people in teams and networks. Roxanne Zolin and Pamela Hinds discover that trust is more easily established in geographically dispersed teams when they are able to meet face-to-face initially. Trust and Distrust in Organizations moves on to an examination of how people create and foster trust and of the effects of power and betrayal on trust. Kimberly Elsbach reports that managers achieve trust by demonstrating concern, maintaining open communication, and behaving consistently. The final chapter by Roderick Kramer and Dana Gavrieli includes recently declassified data from secret conversations between President Lyndon Johnson and his advisors that provide a rich window into a leader's struggles with problems of trust and distrust in his administration. Broad in scope, Trust and Distrust in Organizations provides a captivating and insightful look at trust, power, and betrayal, and is essential reading for anyone wishing to understand the underpinnings of trust within a relationship or an organization. A Volume in the Russell Sage Foundation Series on Trust
Author | : Robert H. Mnookin |
Publisher | : Harvard University Press |
Total Pages | : 369 |
Release | : 2004-04-15 |
Genre | : Law |
ISBN | : 0674504100 |
Download Beyond Winning Book in PDF, ePub and Kindle
Conflict is inevitable, in both deals and disputes. Yet when clients call in the lawyers to haggle over who gets how much of the pie, traditional hard-bargaining tactics can lead to ruin. Too often, deals blow up, cases don’t settle, relationships fall apart, justice is delayed. Beyond Winning charts a way out of our current crisis of confidence in the legal system. It offers a fresh look at negotiation, aimed at helping lawyers turn disputes into deals, and deals into better deals, through practical, tough-minded problem-solving techniques. In this step-by-step guide to conflict resolution, the authors describe the many obstacles that can derail a legal negotiation, both behind the bargaining table with one’s own client and across the table with the other side. They offer clear, candid advice about ways lawyers can search for beneficial trades, enlarge the scope of interests, improve communication, minimize transaction costs, and leave both sides better off than before. But lawyers cannot do the job alone. People who hire lawyers must help change the game from conflict to collaboration. The entrepreneur structuring a joint venture, the plaintiff embroiled in a civil suit, the CEO negotiating an employment contract, the real estate developer concerned with environmental hazards, the parent considering a custody battle—clients who understand the pressures and incentives a lawyer faces can work more effectively within the legal system to promote their own best interests. Attorneys exhausted by the trench warfare of cases that drag on for years will find here a positive, proven approach to revitalizing their profession.
Author | : Robert H. Mnookin |
Publisher | : SAGE Publications |
Total Pages | : 345 |
Release | : 1999-10-11 |
Genre | : Language Arts & Disciplines |
ISBN | : 1452221340 |
Download Negotiating on Behalf of Others Book in PDF, ePub and Kindle
Negotiating on Behalf of Others offers a framework for understanding the complexity and effects of negotiating on behalf of others and explores how current negotiation theory can be modified to account for negotiation agents. Negotiation agents are broadly defined to include legislators, diplomats, salespersons, sports agents, attorneys, and committee chairs—anyone who represents others in a negotiation. Five major negotiation arenas are examined in depth: labor-management relations, international diplomacy, sports agents, legislative process, and agency law. The book concludes with suggestions for future research and specific advice for practitioners. Chapter authors and commentators are leading figures in the field of negotiation. Negotiating on Behalf of Others is a must read for professional negotiators, graduate students, and scholars in the areas of business, public policy, law, international relations, sports, and economics. Negotiating on Behalf of Others is the result of the first of a series of seminars conducted by the faculty of the Program on Negotiation at Harvard on "complicating factors" in negotiations. The first of these complicating factors selected for study was the effect of the presence of an agent on the negotiating process.
Author | : Ramon Casadesus-Masanell |
Publisher | : |
Total Pages | : 0 |
Release | : 2004 |
Genre | : |
ISBN | : |
Download Trust in Agency Book in PDF, ePub and Kindle
Existing models of the principal-agent relationship assume the agent works only under extrinsic incentives. However, many observed agency contracts take the form of a fixed payment. For such contracts to work, the principal must trust the agent to work in the absence of incentives. I show that agency fosters the advent of intrinsic motivation and trustworthy behavior. Three distinct motivational schemes are analyzed: norms, ethical standards, and altruism. I identify conditions under which these mechanisms arise and show how they promote trust. The analysis alters several important predictions of conventional models: (1) Better outcomes may ensue in highly uncertain environments; (2) the principal is better off the more the agent is risk averse; and (3) larger equilibrium extrinsic incentives need not be associated with larger effort or larger total surplus.
Author | : Roger Fisher |
Publisher | : Houghton Mifflin Harcourt |
Total Pages | : 242 |
Release | : 1991 |
Genre | : Business & Economics |
ISBN | : 9780395631249 |
Download Getting to Yes Book in PDF, ePub and Kindle
Describes a method of negotiation that isolates problems, focuses on interests, creates new options, and uses objective criteria to help two parties reach an agreement.
Author | : Rudolf Avenhaus |
Publisher | : Springer Science & Business Media |
Total Pages | : 381 |
Release | : 2009-04-28 |
Genre | : Political Science |
ISBN | : 3540929932 |
Download Negotiated Risks Book in PDF, ePub and Kindle
The International Institute for Applied Systems Analysis (IIASA) has had risk as a research topic on its agenda right from its inception in 1972. Risk has played a - jor role in the Energy Program, with research being carried out both in-house and in cooperationwith other internationalinstitutions like the InternationalAtomic - ergy Agency (IAEA) and national research centers. Research areas were primarily the evaluationof all possible risks within one categoryof energysupply like nuclear ?ssion or fusion or fossil fuels and, even more important,the comparisonof risks of different energy-supplystrategies. Later on an independent program was started which still exists today under the name Risk and Vulnerability. There is a large amount of literature on risks to which IIASA’s research programs have contributed signi?cantly over the years, and there is, of course, an abundance of published work on international negotiations, part of which is a result of the work of the Processes of International Negotiation (PIN) Program. There are, however, so far no studies on the combination of these two strands. Therefore, and as research on both topics is housed at IIASA, we are happy that our PIN Program has undertaken the dif?cult and important task of analyzing what the editors of this book have called negotiated risks.
Author | : David Madland |
Publisher | : Univ of California Press |
Total Pages | : 270 |
Release | : 2015-06-24 |
Genre | : Political Science |
ISBN | : 0520961706 |
Download Hollowed Out Book in PDF, ePub and Kindle
For the past several decades, politicians and economists thought that high levels of inequality were good for the economy. But because America’s middle class is now so weak, the US economy suffers from the kinds of problems that plague less-developed countries. As Hollowed Out explains, to have strong, sustainable growth, the economy needs to work for everyone and expand from the middle out. This new thinking has the potential to supplant trickle-down economics—the theory that was so wrong about inequality and our economy—and shape economic policymaking for generations.
Author | : Rianne Appel-Meulenbroek |
Publisher | : Routledge |
Total Pages | : 292 |
Release | : 2021-08-02 |
Genre | : Business & Economics |
ISBN | : 1000434206 |
Download A Handbook of Management Theories and Models for Office Environments and Services Book in PDF, ePub and Kindle
Although workplace design and management are gaining more and more attention from modern organizations, workplace research is still very fragmented and spread across multiple disciplines in academia. There are several books on the market related to workplaces, facility management (FM), and corporate real estate management (CREM) disciplines, but few open up a theoretical and practical discussion across multiple theories from different disciplines. Therefore, workplace researchers are not aware of all the angles from which workplace management and effects of workplace design on employees has been or could be studied. A lot of knowledge is lost between disciplines, and sadly, many insights do not reach workplace managers in practice. Therefore, this new book series is started by associate professor Rianne Appel-Meulenbroek (Eindhoven University of Technology, the Netherlands) and postdoc researcher Vitalija Danivska (Aalto University, Finland) as editors, published by Routledge. It is titled ‘Transdisciplinary Workplace Research and Management’ because it bundles important research insights from different disciplinary fields and shows its relevance for both academic workplace research and workplace management in practice. The books will address the complexity of the transdisciplinary angle necessary to solve ongoing workplace-related issues in practice, such as knowledge worker productivity, office use, and more strategic management. In addition, the editors work towards further collaboration and integration of the necessary disciplines for further development of the workplace field in research and in practice. This book series is relevant for workplace experts both in academia and industry. This second book in the series focuses on the role of workplace management in the organization and the tasks that workplace management needs to consider. The 18 theories that are presented in this book and applied to workplace research discuss management aspects from the organization’s perspective or dive deeper into issues related to people and/or building management. They all emphasize that workplace management is a complex matter that requires more strategic attention in order to add value for various stakeholders. The final chapter of the book describes a first step towards integrating the presented theories into an interdisciplinary framework for developing a grand workplace management theory.