Motivating Innovation
研究了如何设计激励方案来促进创新，发现最优方案应容忍早期失败、奖励长期成功，并需要长期薪酬承诺、工作保障和及时反馈。对高管薪酬设计有参考价值。
ABSTRACT Motivating innovation is important in many incentive problems. This paper shows that the optimal innovation‐motivating incentive scheme exhibits substantial tolerance (or even reward) for early failure and reward for long‐term success. Moreover, commitment to a long‐term compensation plan, job security, and timely feedback on performance are essential to motivate innovation. In the context of managerial compensation, the optimal innovation‐motivating incentive scheme can be implemented via a combination of stock options with long vesting periods, option repricing, golden parachutes, and managerial entrenchment.