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Performance Measurement in Agency Models

Chang Koo, Chi; Kyoung Jin, Choi
Working paper
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DP 05.pdf (441.7Kb)
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http://hdl.handle.net/11250/2587776
Utgivelsesdato
2019-02-25
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  • Discussion papers (SAM) [608]
Sammendrag
This note explores how to evaluate an agent’s performance in standard incentive contracts. We show that the MPS criterion proposed by Kim (1995) becomes a tight condition for one performance measurement system to be more informative than another, as long as the first-order approach can be justified. In the one-signal case obeying the monotone likelihood ratio property, the MPS criterion is equivalent to the way of ordering signals developed by Lehmann (1988), establishing a link to statistical decision theory. Our results demonstrate that depending on the agent’s potential deviations, ideal performance measures can be different.
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Institutt for samfunnsøkonomi
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DP SAM;05/2019

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