Limited Liability And Bonus Contracts
JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY(1997)
摘要
This paper studies the nature of incentive contracts between a risk-neutral principal and a risk-neutral agent under the constraint that the agent's liability is limited. A necessary and sufficient condition is derived for the existence of a first-best con tract under this constraint, and a bonus-based contract is shown to be the most efficient contractual form. Implications of bonus contracts are also discussed.
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关键词
limited liability
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