If Technology One are to introduce an incentive scheme it must try to take into account these other two objectives. However, the introduction of these two unobservable objectives creates an almost intractable sharecropper problem where the project manager will be intrinsically encouraged to shirk regardless of the success or failure of the project...
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The solution to a sharecropper problem is to pay a fixed sum, that is, a salary. As a result Technology One must tie the introduction of an incentive to be contingent on the observability of the project managers effort in the project. Introduction The fixed-price project arrangement commonly employed between government clients (principals) and Technology One (the firm of interest) takes the form of a sealed-bid auction...
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