English, Article, Journal or magazine article edition: Endogenous managerial incentive contracts in a differentiated duopoly, with and without commitment Constantine Manasakis; Evangelos Mitrokostas; Emmanuel Petrakis

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Bookmark: http://trove.nla.gov.au/version/76964
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Endogenous managerial incentive contracts in a differentiated duopoly, with and without commitment
Author
  • Constantine Manasakis
  • Evangelos Mitrokostas
  • Emmanuel Petrakis
Physical Description
  • preprint
Notes
  • In a differentiated Cournot duopoly, we examine the contracts that firms' owners use to compensate their managers and the resulting output levels, profits and social welfare. If products are either sufficiently differentiated or sufficiently close substitutes, owners use Relative Performance contracts. For intermediate levels of product substitutability, they use Market Share contracts. When owners do not commit over the types of contracts, each type is an owner's best response to his rival's choice. Product substitutability has differential effects on output levels and profits, depending on the configuration of contracts in the industry. Finally, managerial incentive contracts are welfare enhancing if they increase consumers' surplus.
  • Oligopoly; Managerial delegation; Endogenous contracts
  • RePEc:crt:wpaper:0905
Language
  • English
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