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~institution:"University of Bonn, Germany"
~person:"Kräkel, Matthias"
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choosing higher-powered incentives
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hence
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limited liability
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moral hazard
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risk-incentive relationship Abstract: Several empirical findings have challenged the traditional view on the trade-off between risk and incentives. By combining risk aversion and limited liability in a standard principal-agent model the empiri- cal puzzle on the positive relationship between risk and incentives can be explained. Increasing risk leads to a less informative performance signal. Under limited liability
1
the principal may optimally react by in- creasing the weight on the signal and
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Kräkel, Matthias
Budde, Jörg
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Eberlein, Marion
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Grund, Christian
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Kessler, Anke S.
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Krelle, Wilhelm
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Perelman, Sergio
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Pestieau, Pierre
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Przemeck, Judith
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Sliwka, Dirk
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Wessels, Joachim H.
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Westergaard-Nielsen, Niels
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von Hagen, Juergen
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University of Bonn, Germany
Bonn Graduate School of Economics
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Köln-Bonner Kolloquium zur Personalökonomie <3, 2000, Freiburg im Breisgau>
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Forschungsinstitut zur Zukunft der Arbeit
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Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
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Bonn Econ Discussion Papers
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Limited Liability and the Risk-Incentive Relationship
Budde, Jörg
;
Kräkel, Matthias
-
University of Bonn, Germany
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2008
Persistent link: https://www.econbiz.de/10005032228
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