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Title:Limited Liability and the Trade-off between Risk and Incentives PDF Logo
Authors:Kräkel, Matthias
Issue Date:2007
Series/Report no.:Bonn econ discussion papers 2007,3
Abstract:Several empirical findings have challenged the traditional trade-off between risk and incentives. By combining risk aversion and limited liability in a standard principal-agent model the empirical puzzle on the positive relationship between risk and incentives can be explained.
Subjects:limited liability
piece rates
risk aversion
risk-incentives trade-off
JEL:D01
M5
D82
J3
Document Type:Working Paper
Appears in Collections:Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn

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