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Reciprocity in the Principal Multiple Agent Model

This paper studies how incentives are affected by intention-based reciprocity preferences when the principal hires many agents. Our results describe the agents' psychological attitudes required to sustain a given strategy profile. We also show that hiring reciprocal agents to implement a first or a second-best contract will always benefit the principal if the strategy profile is symmetric. When instead the profile (first or second-best) is asymmetric the principal's best interest might be better served by self-interested agents. We conclude the paper by clarifying when symmetric profiles are most likely to arise.

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File URL: http://www.csef.it/WP/wp314.pdf
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Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 314.

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Date of creation: 10 May 2012
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Handle: RePEc:sef:csefwp:314
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  1. Gary Charness & Matthew Rabin, 2002. "Understanding Social Preferences With Simple Tests," The Quarterly Journal of Economics, MIT Press, vol. 117(3), pages 817-869, August.
  2. Giuseppe De Marco & Giovanni Immordino, 2010. "Partnership, Reciprocity and Team Design," CSEF Working Papers 257, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 24 Mar 2011.
  3. Florian Englmaier & Stephen Leider, 2012. "Contractual and Organizational Structure with Reciprocal Agents," American Economic Journal: Microeconomics, American Economic Association, vol. 4(2), pages 146-83, May.
  4. Dominique Demougin & Claude Fluet, 2003. "Group vs. Individual Performance Pay When Workers Are Envious," Cahiers de recherche 0318, CIRPEE.
  5. Pedro Rey-Biel, 2007. "Inequity Aversion and Team Incentives," Working Papers 319, Barcelona Graduate School of Economics.
  6. Netzer, Nick & Schmutzler, Armin, 2010. "Rotten Kids with Bad Intentions," CEPR Discussion Papers 7667, C.E.P.R. Discussion Papers.
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