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- W2091337798 abstract "Holmstrom (1982) has shown that a non-budget-balancing contract induces a team of risk-neutral agents to choose the first-best effort levels. This is not generally true when agents are risk averse. Furthermore, a massacre contract, which punishes all but one agent when the outcome is low, can attain the first best over a wider range of parameters than any other budget-balancing contract." @default.
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- W2091337798 date "1987-01-01" @default.
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- W2091337798 title "Moral Hazard in Risk-Averse Teams" @default.
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- W2091337798 doi "https://doi.org/10.2307/2555607" @default.
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