Performance Incentives and Planning Under Uncertainty

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Dean of the Faculty, United States Air Force Academy, 1976 - Incentives in industry - 29 pages
The report discusses the use of the performance incentive function (PIF) by planning organizations when there is subjective or objective uncertainty. It is proved that a PIF can be constructed which achieves both allocational and distributional optimality, when there is subjective uncertainty about the conditions of production and both the center and the producer are risk averse. When there is objective uncertainty, however, it is shown that it is not, in general, possible for the center to achieve these two objectives simultaneously.

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