Behavioral Consequences of Corporate Incentives and Long-Term Bonuses: An Experimental Study
通过实验室实验，研究长期奖金方案如何改变被试的资源配置行为，发现补偿方案需与较低贴现率一致才能协调委托人与代理人的时间偏好差异。
This paper examines whether long-term managerial bonus schemes change the allocative behavior of subjects in a laboratory setting. Using four different compensation schemes, we show that a necessary condition for reconciling divergent time preferences between principals and agents is a compensation scheme that induces behavior consistent with lower discount rates. Within subject results show that subjects recognize changes across compensation schemes and change their behavior as predicted by formal theory. Results also suggest that subjects become more myopic in their investment decisions if compensation contracts are incorrectly structured.