Risk Preferences and the Economics of Contracts

Douglas W. Allen · Dean Lueck

192 citations0/0 files storedAmerican Economic Review

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Abstract

[T]he literature of risk aversion and risk preference [is] one of the richest sources of ad hoc assumptions concerning tastes. ... [N]o significant behavior has been illuminated by assumptions of differences in tastes. ... [Such theories] have been a convenient crutch to lean on when the analysis has bogged down. ... They give the appearance of considered judgement, yet really have only been ad hoc arguments that disguise analytical failures. -George J. Stigler and Gary S. Becker (1977 p. 89)

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References

1991Multitask Principal–Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design 1993Economics, Organization and Management.2010De gustibus non est disputandum 1992Agency Theory and Franchising: Some Empirical Results

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