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1、原文二：PayEnough,Don'tPayTooMuchorDon'tPayatAll?TheImpactofBonusIntensityonJobSatisfaction.Pouliakas,KonstantinosTheprincipal-agentmodel,withitsconvincingillustrationofthetrade-offthatarisesbetweenriskandincentiveprovisionwhenattemptingtoaligntheconflictingint
2、erestsoftwocontractingparties,remainscentralforourunderstandingofthecompensationstrategiesemployedbyfirms(Mirlees,1976;Holmstrom,1979).Accordingtothestandardmodelofagencytheory,theintroductionoffinancialincentivesaspartofanagent’sremunerationpackagewillincr
3、easehis/herproductivity,asitisassumedthatindividualsderiveutilityfromincomewhilsttheexertionofeffortentailsautilitycost.Importantly,iftheadditionaldisutilityofhighereffortiscompensatedbyanadequatewagepremium,animplicationofthetheoryisthatthemarginalutilitie
4、sofworkersunderfixedandvariablecompensationschemesshouldbeequalizedinthelong-run.Whatthisimpliesisthatthereshouldbenodifferencebetweenthejobsatisfactionofemployeesreceivingmonetaryincentivesandthoseonnon-contingentpaymentarrangements,otherthingsequal.Theabo
5、veconclusionhasbeendisputedbyapsychological(and,increasingly,economics)literature,whichhasstressedthattheincorporationofnon-pecuniarymotivesintotheeconomicparadigm,suchasthedesireforreciprocationorforengagingininterestingtasks,hasimportantimplicationsforani
6、ndividual’smotivationandjobsatisfaction(Deci,1971;Lepperetal.,1973;DeciandRyan,1985;Frey,1986,1997;Kreps,1997;FreyandJegen,2001).Inaddition,ithasbeenarguedthat‘wrong’monetaryincentivesmayincitedysfunctionalbehaviouralresponsesbyemployees(HolmstromandMilgrom
7、,1991;Baker,1992;Prendergast,1999),orhaveadetrimentaleffectonemployeemoraleandjobsecurityviatheinequitableandriskypaydistributionsthatariseasaconsequence(Bakeretal.,1988).Oncethesemechanismsaretakenintoconsideration,itbecomesclearthatthetheoreticalimpactofm
8、onetaryincentivesonworkereffortandjobsatisfactioncanbeambiguous.Ascorroboratedinanumberofeconomicexperiments(FalkandKosfeld,2006;ErikssonandVilleval,2008),theincentiveeffectsofmonetaryrewardsarelikelyt
