In dieser Studie werden die Anreize für Innovationsaktivitäten von Firmen mit beschränkter und unbeschränkter Haftung untersucht. Innovationen sind mit einem gewissen Risiko behaftet. Firmeneigner können ihr persönliches Risiko jedoch begrenzen, wenn das Unternehmen eine Rechstform mit...

We characterize optimal incentive contracts in a moral hazard framework extended in two directions. First, after effort provision, the agent is free to leave and pursue some ex-post outside option. Second, the value of this outside option is increasing in effort, and hence endogenous. Optimal...

The existing literature on the comparison of tournaments and piece rates as alternative incentive schemes has focused on the case of unlimited liability. However, in practice real workers' wealth is typically restricted. Therefore, this paper compares both schemes under the assumption of limited...

everal empirical findings have challenged the traditional trade-off between risk and incentives. By combining risk aversion and limited liability in a standard principal-agent model the empirical puzzle on the positive relationship between risk and incentives can be explained.

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....

We characterize optimal incentive contracts in a moral hazard framework extended in two directions. First, after effort provision, the agent is free to leave and pursue some ex-post outside option. Second, the value of this outside option is increasing in effort, and hence endogenous. Optimal...

We examine the combined effects of asymmetric taxation and limited liability on optimal risk taking of investors. Given an optimal risk level in the pre-tax case under full liability, loss-offset restrictions reduce, and limited liability enhances the incentives for taking risk. For every degree...

Walter Eucken hat die Institution der Haftungsbeschränkung radikal abgelehnt. Aus seiner Sicht war nur das Prinzip der Vollhaftung marktkonform. Diese Auffassung ist korrekturbedürftig, wie unter Rückgriff auf die moderne Mikroökonomik der Risikoallokation gezeigt wird: Zum einen kann es...

Dieser Beitrag wirft einen kritischen Blick auf die maßgeblich von Walter Eucken in den 1930er und 1940er Jahren ausgearbeitete ordnungspolitische Konzeption. Aus heutiger Sicht und insbesondere aus der Theorieperspektive des ordonomischen Forschungsprogramms werden zwei Defizite...

This paper explores the procurement of public buildings in local authorities in the UK under the Private Finance Initiative (PFI) and its consequences for small and medium sized enterprises. Following an outline of the development of PFI in the UK, the paper explains the peculiarities of local...