Pay For Performance and Beyond
指出激励不仅限于奖金或股票期权等财务奖励，而是需要将代理人可参与的全部活动、多种非财务工具以及不同环境下的激励因素纳入系统设计，从绩效薪酬视角扩展到更广泛的激励系统。
Incentives are often associated with narrow financial rewards such as bonuses or executive stock options. But in general such rewards are just a small part of the design of incentives. Properly designed incentive systems have to take into account the full portfolio of activities that the agent can engage in, the array of instruments, many nonfinancial, that are available to influence individuals and consider the factors that motivate them in different settings. Thinking about incentives as a system of interacting instruments and influences has been a major advance in the economics of incentives in recent years. In this lecture I will describe the path from pay for performance to the broader view of incentive systems.