. Incentives of advisors and clients may not be aligned, when fees are used by financial institutions to steer advice. We …

incentives for effort delay, but also decreases the probability that the project will be terminated in due time. In this trade …

Incentives often fail in inducing economic agents to engage in a desirable activity; implementability is restricted …

. Incentives of advisors and clients may not be aligned, when fees are used by financial institutions to steer advice. We …

's type, a selfish principal has to rely on explicit incentives. A fair principal, by contrast, can effectively induce … implicit incentives and hence does not need to use explicit incentives. Interestingly, if a selfish principal can rely on more … effective explicit incentives, a fair principal becomes more likely to be able to separate from the selfish type and, hence, to …