A Behavioral Explanation fo the Relative Performance Evaluation Puzzle (2003)
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چکیده
– We study the effects of competitive preferences, where Chief Executive Officers (CEOs) compare their wage to the wage of other CEOs within the same industry, and derive utility from being ahead of them. We show that such social concerns work in the direction of CEO wages being positively correlated, in contrast to the Relative Performance Evaluation hypothesis, but consistent with several empirical studies. Une explication comportementale du puzzle de l’évaluation des performances relatives RÉSUMÉ. – Nous étudions les effets des performances compétitives, où les Cadres Supérieurs (CSs) comparent leurs salaires avec celui d’autres CSs dans la même industrie, et en dérivent l’utilité de les devancer. Nous prouvons que de telles considérations sociales conduisent à l’existence de corrélations positives entre les salaires des CSs, contrairement à l’Hypothèse de l’Évaluation des Performances Relatives, mais ce conformément à plusieurs études empiriques. * C. FERSHTMAN: The Eitan Berglas School of Economics, Tel-Aviv University, Tel Aviv 69978, Israel. H. K. HVIDE: Norwegian School of Economics and Business, Helleveien 30, 5045 Bergen, Norway. Y. WEISS: The Eitan Berglas school of Economics, Tel-Aviv University, Tel Aviv 69978, Israel. ANNALES D’ÉCONOMIE ET DE STATISTIQUE. – N° 71-72 – 2003
منابع مشابه
A Behavioral Explanation of the Relative Performance Evaluation Puzzle
We study the effects of competitive preferences, where Chief Executive Officers (CEOs) compare their wage to the wage of other CEOs within the same industry, and derive utility from being ahead of them. We show that such social concerns work in the direction of CEO wages being positively correlated, in contrast to the Relative Performance Evaluation hypothesis, but consistent with several empir...
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تاریخ انتشار 2004