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Microeconomics for MBAs 53. The Economic Way of Thinking for Managers. Microeconomics for MBAs develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Maths is kept simple and the theory is illustrated with real-life scenarios | Chapter 15 Competitive and Monopsonistic Labor Markets 32 This is the approach for establishing salary-commission rate pay contracts at IBM.24 It s not a sure-fire way of making sales people totally honest but it can help and that s all real-world managers should strive to achieve. Incentives in Rental Contracts Because risk sharing and risk reducing contracts can be mutually beneficial we should not expect two-part payment schemes to be restricted to payments by employers to workers. They can also be a part of the payments made by tenants to landlords. Rental agreements may not appear to involve paying for performance but surely they include performance pay. Both the landlord and tenant are intent on having an agreement that will ensure that the other will perform as specified. The landlord wants the rent. The tenant wants a nice living environment or in the case of retail space wants a profitable business environment. Each wants to get as much as possible from the other. Consider the nature of rental payments within and near the city of Irvine California which is situated along the coast halfway between Los Angeles and San Diego. Irvine is a totally planned community with 110 000 residents and 140 000 jobs within an area of approximately 180 000 acres or 42 square miles. It has been planned and developed not by the usual government planning boards but by a private wealthmaximizing firm the Irvine Company which was once the Irvine Ranch. One of the more interesting features of the city is that much of the commercial property continues to be owned and managed by the Irvine Company which has an unusual contract with its commercial tenants. The contract requires that tenants make a three-part payment a fixed monthly rental payment a fixed monthly payment for upkeep of the common areas within the community shopping areas and a payment based on a percentage of their profits. We are told that these payments can be quite stiff. For example for a 1 000 square foot store .
