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1、原文：原文：PayEnoughDon’tPayTooMuchDon’tPayatAllTheImpactofBonusIntensityonJobSatisfactionKonstantinosPouliakasTheprincipalagentmodelwithitsconvincingillustrationofthetradeoffthatarisesbetweenriskincentiveprovisionwhenattempt

2、ingtoaligntheConflictinginterestsoftwocontractingpartiesremainscentralfourunderstingofthecompensationstrategiesemployedbyfirms(Mirlees1976Holmstrom1979).Accdingtothestardmodelofagencytheytheintroductionoffinancialincenti

3、vesaspartofanagent’sremunerationpackagewillincreasehisherproductivityasitisassumedthatindividualsderiveutilityfromincomewhilsttheexertionofefftentailsautilitycost.Imptantlyiftheadditionaldisutilityofhigheretiscompensated

4、byanadequatewagepremiumanimplacationofthetheyisthatthemarginalutilitiesofwkersunderfixedvariablecompensationschemesshouldbeequalizedinthelongrun.Whatthisimpliesisthatthereshouldbenodierencebetweenthejobsatisfactionofempl

5、oyeesreceivingmoaryincentivesthoseonnoncontingentpaymentarrangementsotherthingsequal.Theaboveconclusionhasbeendisputedbyapsychological(increasinglyeconomics)literaturewhichhasstressedthattheincpationofnonpecuniarymotives

6、intotheeconomicparadigmsuchasthedesirefreciprocationfengagingininterestingtaskshasimptantimplicationsfanindividual’smotivationjobsatisfaction(Deci1971Lepperetal.1973DeciRyan1985Frey19861997Kreps1997FreyJegen2001).Inaddit

7、ionithasbeenarguedthat‘wrong’moaryincentivesmayncitedysfunctionalbehaviouralresponsesbyemployees(HolmstromMilgrom1991Baker1992Prendergast1999)haveadetrimentaleffectonemployeemalejobsecurityviatheinequitableriskypaydistri

8、butionsthatariseasaconsequence(Bakeretal.1988).OncethesemechanismsaretakenintoconsiderationitbecomesclearthattheThispaperattemptstotesttheabovecontrastinghypothesesbylookingbeyondthemereincidenceofincentivepayexaminingth

9、eimpactoftheintensityofincentives(i.e.theproptionofwkers’salarythatistiedtobonuses)onjobsatisfactioninstead.Specifically10waves(1998–2007)oftheBritishHouseholdPanelSurvey(BHPS)areusedtoinvestigatetheassociationbetweenthe

10、powerofbonuspaymentstheutilityderivedfromwkholdingtheincidenceofindividualbasedPRPotherimptantdeterminantsconstant.Aftercontrollingfindividualfixedeffects(suchasabilitymotivation)thatmaybiastheinfluenceofpaymentschemeson

11、jobsatisfactionjobutilityisfoundtoriseonlyinresponseto‘large’bonuspayments.Evidenceisalsopresentedthatrevokingabonusfromoneyeartothenextislikelytohaveadetrimentaleffectonemployeeutilitythatovertimejobsatisfactiontendstod

12、iminishasemployeespotentiallyadapttothepaymentofbonusesTheempiricalevidenceofthepaperistherefeconsistentwithGneezyRustichini’s(2000[a])assertionthatemployerswishingtomotivatetheirstaffshouldindeed‘‘payenoughdon’tpayatall

13、’’.Thestructureofthepaperisasfollows.Section2engagesinareviewoftheavailableliteratureontheeffectoffinancialincentivesonjobsatisfaction.InSection3thedatausedinthestudyaredescribedpreliminarystatisticalcrelationsareoutline

14、d.Section4describesthebasiceconometricmethodologyusedinthepaper.Section5outlinesthemainempiricalresultsoftherelationshipbetweenincentiveintensitytheutilityderivedfromemployment.Section6examinestheheterogeneityinthesample

15、further.FinallySection7concludes.Thegrowingeconomicsliteratureonsubjectivewellbeing(FreyStutzer2002BlanchflowerOswald2004VanPraagFerreriCarbonell2004EPICURUS2007Frey2008)hasemphasizedthatmeasuresofjobsatisfactionaresigni

16、ficantpredictsofemployeebehaviour[e.g.quits(Freeman1978)absenteeism(Clegg1983)wkerproductivity(Judgeetal.2001)].Itfollowsthatunderstingtheinfluenceofmoaryincentivesonjobsatisfactionisimptantgiventhatthecompositionofanemp

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