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| Author: | Park, E.-S. |
| Title: | Incentive contracting under limited liability |
| Journal: | Journal of Economics and Management Strategy
1995 : FALL, VOL. 4:3, p. 477-490 |
| Index terms: | CONTRACTS INCENTIVES LIABILITY |
| Language: | eng |
| Abstract: | The authors examine the nature of incentive schemes between the principal and the risk-neutral agent in the presence of the agent's limited liability and ex ante action choice. They consider alternative schemes when a simple rental contract is infeasible due to the limited liability of the agent and study the effectiveness of a performance bonus scheme in achieving the first-best outcome. |
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