Crifo, Patricia; Diaye, Marc-Arthur - Centre d'Études des Politiques Économiques (EPEE), … - 2004
In this paper, we develop a Principal-Agent model with both monetary and non-monetary incentives. We show that the latter are always more efficient, that is Pareto-dominate, monetary incentives. Indeed, we not only show that all what monetary incentives can do, non-monetary incentives can do it...