著者

OGAKU Michiko

出版者

University of Tsukuba. Graduate School of Systems and Information Engineering. Doctoral Program in Social Systems & Management

巻号頁・発行日

2013-06

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This paper investigates why some business firms do not find it necessary to relyon explicit contracts to resolve incentive problems, even though they have recourseto contractible financial measures. Implicit incentives, such as career concerns,play a key role in those firms. Using the Normal-Exponential (CARA-Gaussian)model and assuming that the firms in this study have both contractible and noncontractible measures, this paper implies that some firms may wish to give their managers disincentives, if possible, because their managers have been overworking.