Showing 1 - 6 of 6
We consider a simple overlapping-generations model with risk-averse financial agents subject to moral hazard. Efficient contracts for such financial intermediaries involve back-loaded late-career rewards. Compared to the analogous model with risk-neutral agents, risk aversion tends to reduce the...
Persistent link: https://www.econbiz.de/10010930798
Persistent link: https://www.econbiz.de/10005146156
Persistent link: https://www.econbiz.de/10005146349
Persistent link: https://www.econbiz.de/10005160083
Persistent link: https://www.econbiz.de/10005160158
Persistent link: https://www.econbiz.de/10005160174