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Goal-oriented agents in a market
Journal of Economic Psychology ( IF 3.000 ) Pub Date : 2021-04-09 , DOI: 10.1016/j.joep.2021.102378
Inés Macho-Stadler , David Pérez-Castrillo , Nicolas Quérou

We consider a market where “standard” risk-neutral agents coexist with “goal-oriented” agents who, in addition to the expected income, seek a high-enough monetary payoff (the “trigger”) to fulfill a goal. We analyze a two-sided one-to-one matching model where the matching between principals and agents and incentive contracts are endogenous. In any equilibrium contract, goal-oriented agents are matched with the principals with best projects and receive the trigger with positive probability. Moreover, goal and monetary incentives are complementary: goal-oriented agents receive stronger monetary incentives. Finally, we discuss policy interventions in relevant environments.



中文翻译:

市场中以目标为导向的代理商

我们考虑的市场中,“标准” 风险中性代理商与“目标客户”代理商并存,这些 代理商除了预期收入外,还寻求足够高的货币收益(“触发”)来实现目标。我们分析了双向一对一的匹配模型,其中委托人和代理人之间的匹配以及激励合同是内生的。在任何均衡合同中,面向目标的代理人都会与具有最佳项目的委托人匹配,并以正概率接收触发因素。此外,目标和金钱激励是相辅相成的:以目标为导向的代理商会获得更强的金钱激励。最后,我们讨论了相关环境中的政策干预措施。

更新日期:2021-04-21
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