[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_title size=”1″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]Lessons from the 2016 Economics Nobel Prize Winners[/fusion_title][/fusion_builder_column][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][fusion_title size=”2″ content_align=”left” style_type=”default” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]Why professional partnerships have a tough time making decisions, people work harder earlier in their career, and the challenges in designing pay-for-performance systems.[/fusion_title][/fusion_builder_column][fusion_builder_column type=”2_3″ last=”no” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_text][/fusion_text][fusion_text]Have you ever wondered:
- Why pay-for-performance doesn’t work for complex jobs?
- Why compensation is so hard in professional partnerships?
- Why people work so much harder for less money early in their career?
These are all questions explored in research by Oliver Hart and Bengt Holmstrom, recipients of the 2016 Nobel Prize for Economics.
In this webinar, we explored how you can apply their theories in your own business. Their groundbreaking work on contract theory will teach us how to design career paths, compensation systems and ownership structures.[/fusion_text][fusion_text]
Additional Resources
- Popular Science Background: Contract Theory (Nobel Prize)
- Scientific Background: Oliver Hart and Bengt Holmström: Contract Theory (Nobel Prize)
- The Performance Pay Nobel (Alex Tabarrock)
Referenced Papers
- Moral Hazard and Observability – Bengt Holmstrom (1979)
- Principal Agent Analysis: Incentive Contracts, Asset Ownership, and Job Design – Bengt Holmstrom & Paul Milgrom (1991)
- Moral Hazard in Teams – Bengt Holmstrom (1982)
[/fusion_text][/fusion_builder_column][fusion_builder_column type=”1_3″ last=”yes” spacing=”yes” center_content=”no” hide_on_mobile=”no” background_color=”” background_image=”” background_repeat=”no-repeat” background_position=”left top” hover_type=”none” link=”” border_position=”all” border_size=”0px” border_color=”” border_style=”” padding=”” margin_top=”” margin_bottom=”” animation_type=”” animation_direction=”” animation_speed=”0.1″ animation_offset=”” class=”” id=””][fusion_text]Original broadcast:
- Date: Thursday, October 13th, 2016
- Time: 2PM EST, 11AM PST, 6PM GMT
- Duration: 1 hour
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