Построение оптимального контракта для менеджера банка, стимулирующее неприятие избыточного риска
Bank of Russia instruction No. 154-I requests to develop remuneration system for bank employees that take and control risks, particularly paying attention to defining variable and deferred parts of remuneration. This paper addresses the first issue to define veariable part of remuneration. Paper offers optimal incentive contract for agents that differ by risk-perception considering the level of effort applied and the level of risk they take. It is shown that agents (employees) with different risk-perception should have different contract parameters. It is argued that for efficiency purpose variableremuneration parts should be differentiated by the level of risk taken.