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The Global Financial Crisis and Its AftermathHidden Factors in the Meltdown$
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A.G. Malliaris, Leslie Shaw, and Hersh Shefrin

Print publication date: 2016

Print ISBN-13: 9780199386222

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780199386222.001.0001

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The Varieties of Incentive Experience

The Varieties of Incentive Experience

(p.205) 8 The Varieties of Incentive Experience
The Global Financial Crisis and Its Aftermath

Robert W. Kolb

Oxford University Press

This study uses the 2007–2012 financial crisis as a laboratory for examining a variety of incentives and distinguishes five key types. First, there are natural incentives. Second, “strictly speaking” incentives arise when one party makes a specific conditional offer in order to elicit a particular behavior. Third, socially emergent incentives arise out of the interplay of human elements to create conditions that make certain behaviors attractive, but without anyone intentionally creating those incentives. Fourth, governmental and other human institutions intentionally create institutionally constructed incentives, often accompanied by a host of unintended consequences. That is, the institutionally constructed incentives to do one thing also constitute socially emergent incentives to do other things. Fifth, cooperative-game incentives are a type of socially emergent incentive. These incentives give two or more parties incentives to pursue a particular course of action while denying that the behavior is related to the incentives they confront.

Keywords:   incentives, socially emergent, institutionally constructed, unintended consequences, cooperative game

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