@article{1e56554415e04717ab6f7e22573d328b,
title = "Performance cycles",
abstract = "A decision maker repeatedly exerts efforts to produce new outputs, while being compensated based on his past and current production levels. We show that the decision maker{\textquoteright}s optimal strategy dictates a cyclic oscillatory performance whenever the compensation depends on recent past performance. We apply our model to various economic settings such as the delegated portfolio-managers problem, an R &D investment problem, and a dynamic advertising problem.",
keywords = "C61, C62, C79, Dynamic optimization, Performance cycles, Performance persistence",
author = "David Lagziel and Ehud Lehrer",
note = "Publisher Copyright: {\textcopyright} The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2023.",
year = "2024",
month = jun,
doi = "10.1007/s00199-023-01516-x",
language = "אנגלית",
volume = "77",
pages = "999--1024",
journal = "Economic Theory",
issn = "0938-2259",
publisher = "Springer New York",
number = "4",
}