Investment Decision Investment Project Extrinsic Motivation Residual Income Capital Rationing 
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  1. 1.
    A survey by Reece & Cool (1982) among large U.S. firms indicates that almost three quarter of the responding firms delegate decision-making authority to investment centers.Google Scholar
  2. 2.
    See, Milgrom & Roberts (1992), pp. 544–545.Google Scholar
  3. 3.
    See Neuberger (1980), p. 1361.Google Scholar
  4. 4.
    For an experimental study analyzing the importance of intrinsic and extrinsic motivation in a capital budgeting setting see Butler, et al. (2002). The interaction between intrinsic and extrinsic motivation is discussed by Kreps (1997) and formally analyzed by Benabou & Tirole (2002).Google Scholar
  5. 6.
    See, e.g., Brealey & Myers (1996), pp. 255–264 and pp. 589–616.Google Scholar

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