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Erscheinungsjahr: 
2018
Quellenangabe: 
[Journal:] Games [ISSN:] 2073-4336 [Volume:] 9 [Issue:] 1 [Publisher:] MDPI [Place:] Basel [Year:] 2018 [Pages:] 1-13
Verlag: 
MDPI, Basel
Zusammenfassung: 
One of the standard predictions of the agency theory is that more incentives can be given to agents with lower risk aversion. In this paper, we show that this relationship may be absent or reversed when the technology is endogenous and projects with a higher efficiency are also riskier. Using a modified version of the Holmstrom and Milgrom's framework, we obtain that lower agent's risk aversion unambiguously leads to higher incentives when the technology function linking efficiency and riskiness is elastic, while the risk aversion-incentive relationship can be positive when this function is rigid.
Schlagwörter: 
principal-agent
incentives
risk aversion
endogenous technology
JEL: 
D21
D81
D82
D86
M52
O33
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