Are monetary and non-monetary incentives used as substitutes in motivating effort? I address this question in a laboratory experiment in which the choice of the job charac- teristics (i.e., the mission) is part of the compensation package that principals can use to influence agents' effort....

This paper suggests that institutional factors which reward social networks at the expenses of productivity can play an important role in explaining brain drain. The effects of social networks on brain drain are analyzed in a decision theory framework with asymmetric information. We distinguish...

This short paper analyses a simple extension to the model of Galor and Zeira (1993). I show that the result of club convergence holds under a much more continuous and much more realistic assumption of the education function. In order to achieve this result, the hypothesis of a fixed cost in...

We use data from a unique, nationally representative survey to investigate the relationship between job satisfaction and employment characteristics in Chile. Consistent with the dualistic models, job protection appears to be a positive determinant of job satisfaction rather than a cost to be...

This paper suggests that institutional factors which reward social net- works at the expenses of productivity can play an important role in ex- plaining brain drain. The e€ects of social networks on brain drain are analyzed in a decision theory framework with asymmetric information. We...

In this paper, we design two laboratory experiments to analyze the causal effects of competition on step-by-step innovation. Innovations result from costly R&D investments and move technology up one step. Competition is inversely measured by the ex post rents for firms that operate at the same...

Risk management and asset pricing benefit from simple functional descriptions of the distribution of real asset returns. Recently, several authors have proposed that asset returns in real stock markets are distributed according to a hyperbolic distribution. While asset returns are generated by...

The corporate governance structure of monasteries is analyzed to derive new insights into solving agency problems of modern corporations. In the long history of monasteries, some abbots and monks lined their own pockets and monasteries were undisciplined. Monasteries developed special systems to...

The main interest of this paper is to compare the value of education systems of different countries. For this reason I use data on workers who have completed their education before immigrating to Switzerland to estimate a country specific return to education. I estimate the standard...

In this paper we study experimentally four remedies to overcome inefficiencies that arise from the incompleteness of contracts. These remedies are reciprocity, repeated game effects, social embeddedness, and incentive contracts. In our baseline treatment we find that reciprocity is a powerful...