Marini, Marco A.; Polidori, Paolo; Teobaldelli, Desiree; … - Dipartimento di Ingegneria Informatica, Automatica e … - 2014
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...
