IDEAS home Printed from https://ideas.repec.org/p/han/dpaper/dp-249.html
   My bibliography  Save this paper

Investitionsbudgetierung und Anreizprobleme: Ist der Groves-Mechanismus nur third-best? Zur Effizienz des Groves-Budgetierungsmechanismus

Author

Listed:
  • Hofmann, Christian
  • Pfeiffer, Thomas

Abstract

In jüngerer Zeit werden im Rahmen der Investitionsbudgetierung zunehmend die Bedeutung wahrheitsinduzierender Budgetierungsverfahren wie des Groves-Mechanismus zur Überwindung von Anreizproblemen diskutiert. Charakteristisch für den Groves-Mechanismus ist, dass man bei der Performancemessung neben dem realisierten eigenen Bereichsgewinn auch die geplanten Gewinne der anderen Bereiche berücksichtigt. Mit ihm lassen sich auch bei Anreizproblemen das effiziente Budget festlegen und die effizienten Maßnahmen induzieren (first-best Implementierung). Schwerpunkt der bisherigen Diskussionen zum Groves-Mechanismus ist die Frage, unter welchen Annahmen wie Risikoaversion und Kollusion die first-best Implementierungseigenschaft des Groves-Mechanismus bestehen bleibt. Dass diese Diskussionen zur Implementierungseigenschaft des Groves-Mechanismus regelmäßig zu kurz greifen, ist Gegenstand des vorliegenden Beitrags, bei dem der Groves-Mechanismus erstmals in einem Gesamtkontext mit Anreiz- und Teilnah-mebedingungen analysiert wird. Dadurch wird es möglich, die mit dem Groves-Mechanismus verbundenen Implementierungskosten - die bei den anderen Analysen ausgeblendet werden - zu analysieren. Um die Effizienz des Groves-Mechanismus abschätzen zu können wird auf Basis des Revelationsprinzips ein second-best Mechanismus hergeleitet. Die Analyse dieses Mechanismus zeigt, dass in der second-best Situation ein Abweichen sowohl von den first-best Maßnahmen wie auch den first-best Budgets optimal ist. Hierbei sind die Steuerungsgrößen aufeinander abzustimmen. Nur in Spezialfällen ist es optimal, die first-best Maßnahmen und Budgets zu induzieren. In den meisten Fällen hingegen führt der Groves-Mechanismus zu nicht unerheblichen Effizienzverlusten gegenüber dem second-best Budgetierungsverfahren und ist daher - wenn überhaupt - nur third-best. Ausgewählte komparative Studien vergleichen die Wirkungen der beiden Verfahren und verdeutlichen die zum Teil erheblichen Effizienzvorteile des second-best Budgetierungsmechanismus.

Suggested Citation

  • Hofmann, Christian & Pfeiffer, Thomas, 2001. "Investitionsbudgetierung und Anreizprobleme: Ist der Groves-Mechanismus nur third-best? Zur Effizienz des Groves-Budgetierungsmechanismus," Hannover Economic Papers (HEP) dp-249, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    • Handle: RePEc:han:dpaper:dp-249
    as

    Download full text from publisher

    File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-249.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hermalin, Benjamin E & Katz, Michael L, 1991. "Moral Hazard and Verifiability: The Effects of Renegotiation in Agency," Econometrica, Econometric Society, vol. 59(6), pages 1735-1753, November.
    2. Theodore Groves, 1975. "Incentive Compatible Control of Decentralized Organizations," Discussion Papers 166, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Fudenberg, Drew & Tirole, Jean, 1990. "Moral Hazard and Renegotiation in Agency Contracts," Econometrica, Econometric Society, vol. 58(6), pages 1279-1319, November.
    4. Susan I. Cohen & Martin Loeb, 1984. "The Groves Scheme, Profit Sharing and Moral Hazard," Management Science, INFORMS, vol. 30(1), pages 20-24, January.
    5. Beaudry, Paul & Poitevin, Michel, 1993. "Signalling and Renegotiation in Contractual Relationships," Econometrica, Econometric Society, vol. 61(4), pages 745-782, July.
    6. Edward Clarke, 1971. "Multipart pricing of public goods," Public Choice, Springer, vol. 11(1), pages 17-33, September.
    7. Melumad, Nahum & Mookherjee, Dilip & Reichelstein, Stefan, 1992. "A theory of responsibility centers," Journal of Accounting and Economics, Elsevier, vol. 15(4), pages 445-484, December.
    8. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-631, July.
    9. Theodore Groves & Martin Loeb, 1979. "Incentives in a Divisionalized Firm," Management Science, INFORMS, vol. 25(3), pages 221-230, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Markus C. Arnold & Eva Ponick, 2006. "Kommunikation im Groves-Mechanismus — Ergebnisse eines Laborexperiments," Schmalenbach Journal of Business Research, Springer, vol. 58(1), pages 89-120, February.
    2. Feldmann, Martin & Müller, Stephanie, 2003. "An incentive scheme for true information providing in Supply Chains," Omega, Elsevier, vol. 31(2), pages 63-73, April.
    3. Christian Lohmann & Sandro Lombardo, 2014. "Resource allocation within a budgeting game: truthful reporting as the dominant strategy under collusion," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 25(1), pages 33-54, September.
    4. Hyoung-Goo Kang & Richard M. Burton & Will Mitchell, 2021. "How firm boundaries and relatedness jointly affect diversification value: trade-offs between governance and flexibility," Computational and Mathematical Organization Theory, Springer, vol. 27(1), pages 1-34, March.
    5. Chee W. Chow & Mark K. Hirst & Michael D. Shields, 1994. "Motivating Truthful Subordinate Reporting: An Experimental Investigation in a Two†Subordinate Context," Contemporary Accounting Research, John Wiley & Sons, vol. 10(2), pages 699-720, March.
    6. Xiaoqiang Cai & George L. Vairaktarakis, 2012. "Coordination of Outsourced Operations at a Third-Party Facility Subject to Booking, Overtime, and Tardiness Costs," Operations Research, INFORMS, vol. 60(6), pages 1436-1450, December.
    7. Frank Gigler & Thomas Hemmer, 2008. "On the welfare effects of allowing unlimited renegotiation in agency relationships," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 37(2), pages 243-265, November.
    8. Andreas Blume, 1998. "Contract Renegotiation with Time‐Varying Valuations," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 7(3), pages 397-433, September.
    9. Hamilton, Jonathan & Slutsky, Steven, 2007. "Optimal nonlinear income taxation with a finite population," Journal of Economic Theory, Elsevier, vol. 132(1), pages 548-556, January.
    10. Jörg Budde & Robert F. Göx & Alfred Luhmer, 1998. "Absprachen beim Groves-Mechanismus," Schmalenbach Journal of Business Research, Springer, vol. 50(1), pages 3-20, January.
    11. Rajiv D. Banker & Srikant M. Datar, 1992. "Optimal transfer pricing under postcontract information," Contemporary Accounting Research, John Wiley & Sons, vol. 8(2), pages 329-352, March.
    12. Michel Poitevin, 1995. "Contract Renegotiation and Organizational Design," Discussion Papers 1135, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    13. Gatzer, Sebastian & Hoang, Daniel & Ruckes, Martin, 2015. "Internal Capital Markets and Diversified Firms: Theory and Practice," EconStor Preprints 169432, ZBW - Leibniz Information Centre for Economics.
    14. Alexis H. Kunz & Thomas Pfeiffer, 1999. "Investitionsbudgetierung und implizite Verträge: Wie resistent ist der Groves-Mechanismus bei dynamischer Interaktion?," Schmalenbach Journal of Business Research, Springer, vol. 51(3), pages 203-223, March.
    15. Lau, Stephanie, 2011. "Investment incentives in bilateral trading," Games and Economic Behavior, Elsevier, vol. 73(2), pages 538-552.
    16. Tafreshian, Amirmahdi & Masoud, Neda, 2022. "A truthful subsidy scheme for a peer-to-peer ridesharing market with incomplete information," Transportation Research Part B: Methodological, Elsevier, vol. 162(C), pages 130-161.
    17. Shrestha, Ratna K., 2017. "Menus of price-quantity contracts for inducing the truth in environmental regulation," Journal of Environmental Economics and Management, Elsevier, vol. 83(C), pages 1-7.
    18. Perrin Lefebvre & David Martimort, 2022. "Delegation, capture and endogenous information structures," Journal of Theoretical Politics, , vol. 34(3), pages 357-414, July.
    19. Meng Zhang & Deepanshu Vasal, 2020. "Mechanism Design for Large Scale Network Utility Maximization," Papers 2003.04263, arXiv.org, revised Jan 2021.
    20. Tommy Andersson & Lars Ehlers & Lars-Gunnar Svensson & Ryan Tierney, 2022. "Gale’s Fixed Tax for Exchanging Houses," Mathematics of Operations Research, INFORMS, vol. 47(4), pages 3110-3128, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:han:dpaper:dp-249. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Heidrich, Christian (email available below). General contact details of provider: https://edirc.repec.org/data/fwhande.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.