control sessions, incentives are formulated as a classic gain contract, while in treatment sessions, incentives are framed as … an isomorphic loss contract. Our results show that loss contracts reduce the minimum efforts of groups and worsen …

optimally offers a contract that makes the agent's utility concave in output. If the agent is risk-neutral and protected by … concavity constraint might bind for some outputs but not others. We characterize the unique profit-maximizing contract and show …

of stocks in the benchmark. This paper studies the optimal delegation contract when there is principal-agent friction …. Specifically, it explores the impacts of incorporating the risk of invested portfolio in the contract on optimal strategies of the … principal and the agent, and on equilibrium asset prices. When agency friction is severe, the optimal contract provides rewards …