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Ability, Career Concerns and Financial Incentives in a Multi-Task Setting

ABSTRACT: In a laboratory experiment, I investigate the role of perceived own ability in a multi-task setting with career concerns under fixed wages and under financial incentives with a higher weight on the task measured with noise. I find that in the absence of career concerns, participants allocate effort evenly between tasks under fixed wages and allocate more effort on the task measured with noise, both irrespective of individual ability levels. However, in presence of career concerns, perceived own ability matters for effort allocation. In particular, career concerns distort effort allocation of agents with high perceived ability, whereas agents with low perceived ability show less distorted effort allocation. In the presence of career concerns, the interaction between financial incentives and perceived ability is always disordinal, which implies that low ability agents exhibit less distorted behavior under any compensation contract. A higher explicit incentives weight on the task measured with grea...