英文标题：
《On the Failures of Bonus Plans》
---
作者：
David Lagziel and Ehud Lehrer
---
最新提交年份：
2015
---
英文摘要：
A decision maker (DM) has some funds invested through two investment firms. She wishes to allocate additional funds according to the firms\' earnings. The DM, on the one hand, tries to maximize the total expected earnings, while the firms, on the other hand, try to maximize the overall expected funds they manage. In this paper we prove that, for every market, the DM has an optimal bonus policy such that the firms are motivated to act according to the interests of the DM. On the other hand, we also prove that the only policy that is optimal in every market, is independent of the actions and earnings of the firms.
---
中文摘要：
决策者（DM）通过两家投资公司投资了一些资金。她希望根据公司的收入分配额外的资金。一方面，DM试图使总预期收益最大化，而公司另一方面则试图使其管理的总预期资金最大化。在本文中，我们证明了对于每一个市场，DM都有一个最优的奖金政策，这样企业就有动机根据DM的利益行事。另一方面，我们也证明了在每个市场中唯一最优的政策是独立于企业的行为和收益的。
---
分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
--

---
PDF下载：
-->