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Evaluation des performances relatives, risque et entrée

Author

Listed:
  • J.-D. Guigou

    (Luxembourg School of Finance, University of Luxembourg)

  • B. Lovat

Abstract

Cet article introduit un problème d'aléa moral avec action cachée dans un cadre de duopole à la Cournot. Nous comparons à l'équilibre les profits nets des entreprises selon que les dirigeants sont évalués sur une base absolue ou relative. Nous montrons, notamment, l'existence d'un seuil d'aversion au risque pour lequel ces profits sont identiques quel que soit le régime incitatif. Nous appliquons ensuite ce résultat à la décision d'entrée.

Suggested Citation

  • J.-D. Guigou & B. Lovat, 2006. "Evaluation des performances relatives, risque et entrée," LSF Research Working Paper Series 06-15, Luxembourg School of Finance, University of Luxembourg.
    • Handle: RePEc:crf:wpaper:06-15
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    File URL: http://www.lsf.lu/eng/content/download/484/2644/file/06-15.pdf
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    More about this item

    Keywords

    Performances relatives; aversion au risque; barrières à l’entrée.;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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