Abstract

GORBANEFF, Yuri; TORRES, Sergio  and  CARDONA, José Fernando. THE CONCEPT OF INCENTIVE IN MANAGEMENT. LITERATURE REVIEW. Rev.econ.inst. [online]. 2009, vol.11, n.21, pp.73-91. ISSN 0124-5996.

The paper reviews and discusses the literature on the concept of incentive in management; the visions of ancient Greek philosophers, classical economists, scientific management, agency theory, contracts, property theory and transaction costs theory. The discussion shows that the transaction costs theory, with its central idea of forms of governance, constitutes a comprehensive view of incentives that explains what are the inexplicable paradoxes for other theoretical perspectives. The paper analyzes the relations between incentives and helps to build up a theoretical and useful formal model of incentives.

Keywords : incentive; governance form; transaction costs.

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