堀 敬一・経済学部教授が行動経済学的な視点を考慮した動学的契約理論の分析で「Journal of Economic Dynamics and Control」に掲載されました
Research on a dynamic contract model with a behavioral economics aspect by Professor Keiichi Hori is Published in Journal of Economic Dynamics and control
2019.12.22
論文 Article
堀 敬一・経済学部教授らが行動経済学的な視点を考慮した動学的契約理論のモデルを開発し、その研究成果が2019年12月22日、Journal of Economic Dynamics and Controlに掲載されました。堀教授らの研究は、経営者が自身だけではなく他者の報酬も意識する環境において、経営者に対する最適な報酬や交代に関する諸条件を明らかにしたものです。この研究により新たな実証研究の課題が提示されるとともに、現実の経営者の報酬や交代の合理性の理解につながることが期待されます。
雑誌名：Journal of Economic Dynamics and Control
論文タイトル：Dynamic contract and discretionary termination policy under loss aversion
著者：Keiichi Hori and Hiroshi Osano
DOI：10.1016/j.jedc.2019.103794
On December 22, the results of research by Professor Keiichi Hori and Professor Osano of Kyoto University on a dynamic contract model with a behavioral economics aspect were published in Journal of Economic Dynamics and Control. The research of Prof. Hori and Osano explore how the timings of compensation payments and contract terminations are jointly determined in a continuous-time principal–agent model under the discretionary termination policy of investors (the principal) when the manager (agent) has loss–averse preferences. Their theoretical findings provide several new empirical implications for backloaded compensation and forced managerial turnover. Their model also shows that mandatory deferral regulation governing incentive pay induces investors to terminate the contract relation earlier and results in the more frequent replacement of managers.
Journal name: Journal of Economic Dynamics and Control
Article title: Dynamic contract and discretionary termination policy under loss aversion
Author(s): Keiichi Hori and Hiroshi Osano
DOI: 10.1016/j.jedc.2019.103794
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