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Incentives for Boundedly Rational Agents

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  • Basov, S.

Abstract

This paper develops a theoretical framework for analyzing incentive schemes under bounded rationality. It starts from a standard principal-agent model and then superimposes an assumption of boundedly rational behavior on the part of the agent. Boundedly rational behavior is modeled as an explicit optimization procedure which combines gradient dynamics with a specific form of social learning called imitation of scope.

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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 813.

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Length: 33 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:mlb:wpaper:813

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Related research

Keywords: RATIONALITY ; ECONOMIC MODELS ; BEHAVIOUR;

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References

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  1. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-39, May.
  2. Marianne Bertrand & Sendhil Mullainathan, 2000. "Do CEOs Set Their Own Pay? The Ones Without Principals Do," NBER Working Papers 7604, National Bureau of Economic Research, Inc.
  3. Akerlof, George A, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, MIT Press, vol. 97(4), pages 543-69, November.
  4. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April.
  5. Spence, Michael & Zeckhauser, Richard, 1971. "Insurance, Information, and Individual Action," American Economic Review, American Economic Association, vol. 61(2), pages 380-87, May.
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Cited by:
  1. repec:ltr:wpaper:2008.04 is not listed on IDEAS
  2. Suren Basov & Svetlana Danilkina & David Prentice, 2008. "When does Variety increase with Quality?," Working Papers 2008.04, School of Economics, La Trobe University.

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