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Essay on Contract Structure in Princ...

Lin, Hong.

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Essay on Contract Structure in Principal-Agent Problems with Behavioral Models.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essay on Contract Structure in Principal-Agent Problems with Behavioral Models./
Author:	Lin, Hong.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	139 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-06, Section: A.
Contained By:	Dissertations Abstracts International81-06A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13420687
ISBN:	9781085572354

Essay on Contract Structure in Principal-Agent Problems with Behavioral Models.
Lin, Hong.

Essay on Contract Structure in Principal-Agent Problems with Behavioral Models. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 139 p.

Source: Dissertations Abstracts International, Volume: 81-06, Section: A.

Thesis (Ph.D.)--University of Maryland, College Park, 2019.

This item must not be sold to any third party vendors.

Designing employment contracts in a principal-agent relationship is a key problem in the modern firm theory. This dissertation investigates this problem from three different angles, (1) the employment contracts in the labor market with procrastinating workers; (2) the behavior of members and reciprocal leaders in group competitions, where leaders can reward members discretionarily; (3) optimal employment contracts when tasks are endogenously designed.For the chapter about the employment contracts as a commitment device, I build an adverse selection model in a labor market of one firm against many workers, where the workers, if self-employed, procrastinate due to their own quasi-hyperbolic discounting. In the equilibrium, the model shows that workers with the least procrastination are self-employed and workers with the most procrastination are part-time employees in a separating equilibrium where the workers' hiring contracts differ by their quasi-hyperbolic discounting. In between, there exist specific ranges of quasi-hyperbolic discounting factors, in each of which the workers sign the same contract in a pooling equilibrium. This model leads to a "position hierarchy" within the firm as well as separation of paid-employment and self-employment in the labor market. For the chapter about the behavior of reciprocal leaders and members in group competitions, I model the model equilibrium when the leaders are reciprocal and show the existence of the pure strategy equilibrium. A laboratory group all-pay auctions was run to test for the model predictions.

ISBN: 9781085572354Subjects--Topical Terms:

517137
Economics.

Essay on Contract Structure in Principal-Agent Problems with Behavioral Models.
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500 $a Source: Dissertations Abstracts International, Volume: 81-06, Section: A.
500 $a Advisor: Filiz-Ozbay, Emel.
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506 $a This item must not be sold to any third party vendors.
520 $a Designing employment contracts in a principal-agent relationship is a key problem in the modern firm theory. This dissertation investigates this problem from three different angles, (1) the employment contracts in the labor market with procrastinating workers; (2) the behavior of members and reciprocal leaders in group competitions, where leaders can reward members discretionarily; (3) optimal employment contracts when tasks are endogenously designed.For the chapter about the employment contracts as a commitment device, I build an adverse selection model in a labor market of one firm against many workers, where the workers, if self-employed, procrastinate due to their own quasi-hyperbolic discounting. In the equilibrium, the model shows that workers with the least procrastination are self-employed and workers with the most procrastination are part-time employees in a separating equilibrium where the workers' hiring contracts differ by their quasi-hyperbolic discounting. In between, there exist specific ranges of quasi-hyperbolic discounting factors, in each of which the workers sign the same contract in a pooling equilibrium. This model leads to a "position hierarchy" within the firm as well as separation of paid-employment and self-employment in the labor market. For the chapter about the behavior of reciprocal leaders and members in group competitions, I model the model equilibrium when the leaders are reciprocal and show the existence of the pure strategy equilibrium. A laboratory group all-pay auctions was run to test for the model predictions.
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