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2. According to Authors, “Where performance can only be vaguely determined,

01 / 10 / 2021 Economics

This paper circulates around the core theme of 2. According to Authors, “Where performance can only be vaguely determined, together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

In your own words, summarise the article. What is the main message

of this article? [8 marks]

2. According to Authors, “Where performance can only be vaguely determined,

awards have a comparative advantage over monetary incentives.”-

in light of the article and based on your own research, please explain

why the authors suggest so. Can you provide a counter example of

the above statement? What is the di↵erence between the MonetaryCompensation and Awards in relation to designing of an incentive

mechanism? [8 marks]

3. Suppose you are a CEO of a garments company called ‘XYZ’. In your

company, there are ten mangers and one thousand workers, who are

working under ten di↵erent sections. Your objective is to maximise the

profit by increasing the performance of each section. Explain how do

you design an appropriate incentive mechanism to achieve your objective.

Do you provide the same incentive to both managers and workers

or di↵erent incentives to di↵erent levels of hierarchy ?[ 8 marks]

4. Each year we celebrate the achievement of eminent Australians through

the Australian of the Year Awards. Explain what is the main purpose

of such award and how does it influence our community? Can you

also provide two additional real world examples (other than the examples

mentioned in the attached article) where awards have significant

impacts in increasing welfare of the society? [8 marks]

5. In 2006 Nobel peace prize is awarded to Muhammad Yunus and Grameen

Bank; and in 2007 Nobel peace prize is awarded to Intergovernmental

Panel on Climate Change (IPCC) and Albert Arnold (Al) Gore Jr..

Can you explain what global norms are promoted by these awards and

how these norms may a↵ect the welfare of the world? [8 marks

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