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  Monetary and Social Incentives in Multi-Tasking: The Ranking Substitution Effect

Stefan, M., Huber, J., Kirchler, M., Sutter, M., & Walzl, M. (2020). Monetary and Social Incentives in Multi-Tasking: The Ranking Substitution Effect.

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Item Permalink: http://hdl.handle.net/21.11116/0000-0006-66F3-5 Version Permalink: http://hdl.handle.net/21.11116/0000-0006-67B6-9
Genre: Paper

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 Creators:
Stefan, Matthias, Author
Huber, Jürgen, Author
Kirchler, Michael, Author
Sutter, Matthias1, Author              
Walzl, Markus, Author
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: multi-tasking decision problem, rank incentives, framed field experiment, finance professionals
 JEL: C93 - Field Experiments
 JEL: D02 - Institutions: Design, Formation, Operations, and Impact
 JEL: D91 - Intertemporal Household Choice; Life Cycle Models and Saving
 Abstract: Rankings are prevalent information and incentive tools in labor markets with strong competition for talent. In a dynamic model of multi-tasking and an accompanying experiment with financial professionals, we identify hidden ranking costs when performance in one task is incentivized and ranked while another prosocial task is not: (i) a ranking influences behavior if individuals lag behind: they spend more total effort and substitute effort in the prosocial task with effort in the ranked task; (ii) those ahead in the ranking spend less total effort and lower relative effort in the ranked task. Implications for incentive schemes are discussed.

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 Dates: 2020-05-18
 Publication Status: Published online
 Pages: -
 Publishing info: Bonn : Max Planck Institute for Research on Collective Goods, Discussion Paper 2020/10
 Table of Contents: -
 Rev. Type: -
 Identifiers: Other: 2020/10
 Degree: -

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