Contract Theory in a VUCA World

Hernández-Santibán͂ez, Nicolás; Mastrolia, Thibaut

doi:10.1137/18m1184527

Cited by 8 publications

(3 citation statements)

References 36 publications

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“…Change has been considered one of the fundamental attributes of VUCA environments (Saleh and Watson, 2017). The acronym VUCA appears to offer a way to understand the dynamic and constant change that characterises the world nowadays (Hernández-Santibánez and Mastrolia, 2019). Table 3 illustrates the diversity of the definitions of VUCA in the studies selected from the literature review.…”

Section: Resultsmentioning

confidence: 99%

Clarifying the conceptual map of VUCA: a systematic review

Taşkan

Silva

Caetano³

2022

IJOA

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Purpose Over the past few decades, the environment for organisations has been frequently described using the acronym VUCA: a volatile, uncertain, complex and ambiguous environment. In spite of the popularity of this acronym, it is not unusual to find some overlap concerning the meaning of those terms, as well as poor definitions of each in the literature. Consequently, the main purpose of this paper was to conduct a systematic literature review to obtain a conceptual map of the components of VUCA and their relationships and to highlight some avenues for future research. Design/methodology/approach The authors conducted a systematic review of various databases between 1999 and 2021. A total of 833 papers were identified and 26 of them met the inclusion criteria for the current study. Findings The subsequent analysis revealed several overlaps and relationships between the four terms. Based on this analysis, the authors propose a conceptual map that could serve as a basis for future research and practice. Research limitations/implications Because of the exploratory nature of the study and the scarce number of empirical studies, the impact that the use of the VUCA framework has had on businesses could not be addressed. Originality/value By clarifying the different components of VUCA and specifying the relationships between them with a comprehensive conceptual map, this paper may contribute to more rigorous empirical research, as well as help managers and executives more effectively deal with turbulent environments.

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Section: Resultsmentioning

confidence: 99%

Clarifying the conceptual map of VUCA: a systematic review

Taşkan

Silva

Caetano³

2022

IJOA

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“…El segundo subgrupo examina elementos organizativos como la eficacia de los procesos de aprendizaje (Antonacopoulou y otros, 2019b;Williams, 2017), la gestión de los recursos humanos ante los cambios (Katta y otros, 2019; Steinberg y Pfarr, 2019), gestión de redes sociales (Peterson, 2019), valores corporativos (Geysi y otros, 2020), y procesos de toma de decisiones (Robinson y otros, 2017). El tercer subgrupo estudia las condiciones históricas de incertidumbre para identificar los elementos del entorno que generan las condiciones VUCA (Ashraf, 2020;Hernandez-Santibanez y Mastrolia, 2019;Lopes, 2017). Los subgrupos generados por el algoritmo K-Means mostraron dos clusters que contenían el 20% de los artículos por cluster.…”

Section: Figura 3 Nube De Palabras De Los Abstractsunclassified

Análisis bibliométrico y de contenido sobre VUCA

2023

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VUCA es un acrónimo de volatilidad, incertidumbre, complejidad y ambigüedad que se utiliza de diversas formas para describir un entorno que desafía las predicciones seguras. Un ejemplo de este entorno es la pandemia por Covid-19, la cual ha instalado un contexto de incertidumbre a nivel mundial, por tratarse de una enfermedad desconocida y altamente contagiosa, para la cual, ni la sociedad ni las instituciones se encontraban preparadas para afrontar. El propósito de este artículo es describir la producción científica de VUCA para entender su principal enfoque de investigación. Esta investigación analiza 105 documentos de la base de datos Web of Science (WoS) mediante Bibliometría y Análisis de Contenido. El análisis bibliométrico reportó varios índices de producción: anual, personal, nacional, institucionalidad y productividad de las revistas. El análisis de contenido analizó 95 resúmenes de artículos en diecinueve clusters seleccionados por comparación de dos métodos de clustering Latent Dirichlet Allocation y K-Means, utilizando los índices de coherencia y silueta respectivamente. Se encontró que VUCA es un tema emergente con una mayor producción científica en los últimos cuatro años. Sin embargo, no hay grandes productores a la fecha. Los temas más frecuentes son la gestión, el liderazgo y el cambio, donde varias investigaciones hacen hincapié en el papel del líder a la hora de afrontar los cambios. La literatura se ha centrado en la comprensión de las habilidades necesarias para hacer frente a un entorno VUCA y en cómo enseñarlas. Además, se destaca el uso de dos métodos basados en técnicas de aprendizaje automático para estimar la cantidad de grupos de trabajos científicos, como una alternativa para dividir artículos en tópicos cuando el set de datos es pequeño.

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“…This methodology has been extended to several scenarii including random horizon contracting Lin et al. (2022), ambiguity features from the point of view of the principal, as in Mastrolia and Possamaï (2018) and Hernández Santibáñez and Mastrolia (2019), a principal contracting a finite number of agents (Élie & Possamaï, 2019), several principals contracting a common agent (Mastrolia & Ren, 2018), a principal contracting a mean‐field of agents (Élie et al., 2019), and applications in optimal electricity demand response contracting Aïd et al. (2022) or Élie et al.…”

Section: Introductionmentioning

confidence: 99%

Time‐inconsistent contract theory

Hernández,

Possamaï

2023

Mathematical Finance

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This paper investigates the moral hazard problem in finite horizon with both continuous and lump‐sum payments, involving a time‐inconsistent sophisticated agent and a standard utility maximizer principal: Building upon the so‐called dynamic programming approach in Cvitanić et al. (2018) and the recently available results in Hernández and Possamaï (2023), we present a methodology that covers the previous contracting problem. Our main contribution consists of a characterization of the moral hazard problem faced by the principal. In particular, it shows that under relatively mild technical conditions on the data of the problem, the supremum of the principal's expected utility over a smaller restricted family of contracts is equal to the supremum over all feasible contracts. Nevertheless, this characterization yields, as far as we know, a novel class of control problems that involve the control of a forward Volterra equation via Volterra‐type controls, and infinite‐dimensional stochastic target constraints. Despite the inherent challenges associated with such a problem, we study the solution under three different specifications of utility functions for both the agent and the principal, and draw qualitative implications from the form of the optimal contract. The general case remains the subject of future research. We illustrate some of our results in the context of a project selection contracting problem between an investor and a time‐inconsistent manager.

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Contract Theory in a VUCA World

Cited by 8 publications

References 36 publications

Clarifying the conceptual map of VUCA: a systematic review

Clarifying the conceptual map of VUCA: a systematic review

Análisis bibliométrico y de contenido sobre VUCA

Time‐inconsistent contract theory

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