績(jī)效評(píng)估和有效排序【外文翻譯】

1、本科畢業(yè)設(shè)計(jì)（論文）外文翻譯PerfmanceEvaluationsEfficientStingMuchoftheproductioninfirmstakesplaceovertime.Thispaperseekstounderstthevalueofinterimperfmanceinfmationonlongprojects.Inparticularthemodelexplesthestingeffectsofperfmanceev

2、aluations.Conductinganinterimperfmanceevaluationincreasesefficiencybyprovidingtheoptiontoendprojectswithlowearlyreturns.Themainresult:Itisefficienttoallocatemeresourcestowardstheendofaproject.Thisresultholdsunderavariety

3、ofscenarios:whenthewkerhasunknownabilitywhentheoutsideoptionsvarywithoutputevenunderanagencyframewkwithariskaverseagent.Theproductionofgoodsservicestakestime.Ittakestimetobuildcarswritesoftwaredevelopdrugsfmulatestrategy

4、marketproductsauditclientsvaluecompanies.Infactmanyfirmstodayganizetheirproductioninthefmofprojectsthatrunfweeksmonthsevenyearsatatimebefethefirmcansellthefinishedproductinamarket.Fexamplesoftwaredevelopmentrunsthroughde

5、signimplementationtestingstagesbefefinalrelease.Thispaperexaminestheproblemofperfmanceevaluationbefeaprojectisfinished.Themainideaisthatperfmanceevaluationsgenerateefficientsting.Theyprovidethefirmwiththeoptionofendingpr

6、ojectswithlowearlyreturns.Aperfmanceevaluationconductedattheinterimstagestsemployeesintotwogroups:stayquit.Itisefficienttoquitiftheearlyreturnsareweaktostayotherwise.Iftheagent’searlyoutputislowitisintheinterestofboththe

7、firmtheagenttodiscontinuewkcollecttheirrespectiveoutsideoptions.Inthissensetheperfmanceevaluationassignsanagenttohismostefficientuse.Theroleoftheevaluationtherefeistoperfmthissting.preferencesbetweenthetwopartiescausesth

8、eagenttodistthisefftchoicewithineachperiodbutdoesnotqualitativelychangehisefftdecisionbetweenperiods.Thestingeffectoftheinterimevaluationonlyimpactstheagent’sdynamicdecisionproblemdoesnotinteractwiththedifferenceinprefer

9、encesbetweentheprincipalagent.Therefetheresultstillholdswithinanagencycontexteventhoughitisnotnecessarytooperateinasecondbestwldtogeneratethestingeffect.Themodelconsistsofanagentwkingfafirmonaprojectovertwostages.Hisefft

10、levelsacrossstagesareperfectsubstitutessotheproductiontechnologybyitselfdoesnotskewhisefftallocation.Productionisindivisible:Thefirmcannotcapturethefullvalueofoutputuntiltheendoftheproject.Thisisthesenseinwhichproduction

11、takestime.Inparticularincompleteprojectsfetchalowmarketpricenmalizedtozero.Thefirmhasinvestedsomuchfirmspecificcapitallabintotheprojectthatitbecomestoocostlyfotherfirmstounderstfinishit.Finallyfirmswkershaveoutsideoption

12、swhichincludefutureprofitsfromnewprojectsfthefirmfuturewagesfromnewjobsftheemployee.Theexistingbodyoftheeticalliteratureonintertempalallocationofefftinmultistageprojectsfallsintothreecategies:firstbestanalysesmodelsbased

13、ongeneralagencyconsiderationsunderdiscountingriskaversioncareerconcernsmodels.Thefirststrofthisliteraturedatingbacktotheearly1970sissimilartomypaperinthatitexaminesefficientintertempalefftallocationinresearchdevelopment(

14、R&D)projectsintheabsenceofanyincentiveproblems.ExamplesincludeKamienSchwartz[1971]Luss[1975]GrossmanShapiro[1986].KamienSchwartz[1971]studythetimepatternofoptimalR&DexpenditureswhenthetotalcumulativeefftErequiredtocomple

15、tetheprojectisnotknown.Theyfindthatperperiodinvestment(efft)isincreasingintimeifthehazardrateassociatedwiththecumulativedistributivefunctionofEisnondecreasing.Luss[1975]ontheotherhexaminesasetupinwhichaprojectiscompleted