Objective versus Subjective Indicators of Managerial Performance
研究管理者奖金方案中同时使用客观和主观绩效指标时，最优奖金池的结构，以及主观信息不可验证对传统代理理论预测的改变。
ABSTRACT: Managerial bonus payments are frequently determined by both objective and subjective indicators of managerial performance. By its very nature, subjective information is not verifiable for contracting purposes. The inclusion of such information in managerial bonus schemes therefore requires a principal to retain discretion in authorizing actual bonus payments. At the same time, the principal must be able to commit to an overall bonus pool that will be paid out either inside or outside the agency. Our analysis examines the structure of optimal bonus pool arrangements. The non-verifiability of the subjective indicators changes many of the predictions obtained in traditional agency settings with verifiable performance indicators. In particular, our results address the contractual value of additional information variables, the desirability of compressed incentive schemes, and the nature of relative performance evaluation in settings with multiple agents.