Standard models of moral hazard predict a negative relationship between risk and incentives, but the empirical work has … incentives decreases with risk aversion, more risk-averse agents prefer lower-incentive contracts; thus, in the optimal contract …, incentives are positively correlated with endogenous risk. In contrast, if risk aversion is high enough, the possibility of …

that affect public school incentives differently and induce different responses from them. It analyzes two publicly funded … voucher programs in the U.S. The 1990 Milwaukee experiment can be looked upon as a "voucher shock" program with a sudden … alternative designs on public school incentives and performance, I construct a theoretical model that captures the basic features …

incentives under the heavy information asymmetry (Sahlman, 1982, J. Financial Economics) In this paper, we consider how to design …

incentives for multiple agents to undertake efficient levels of the separate activities. The ability of various mechanisms to … provide incentives and the way that this ability is affected by information and agent numbers will determine both which …'s perspective -- but also by the ability of the coordination mechanism to provide incentives for efficient activity levels as …

cost, exercising strategies, and induced incentives. Especially, we highlight some significant interactions among different …