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The negative trade-off between risk and incentives: Evidence from the american whaling industry

机译：风险与激励措施之间的负面权衡：来自美国捕鲸业的证据

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This paper analyzes the trade-off between risk and incentives in the share contracts of the American whaling industry. Using a newly collected panel of 5378 individuals who sailed on more than 1000 whaling voyages from 1855-68, the response of sailors' compensation to an increase in risk is estimated. The risks used to identify this response resulted from the commerce-raiding naval vessels of the Confederacy during the Civil War. As the Confederate cruisers sailed primarily in the Atlantic, and therefore posed far less of a threat to whaling voyages to other oceans, a quasi-experimental approach focusing on the differences between Atlantic voyages compared to others is implemented. The results are consistent with a negative trade-off between risk and incentives in the industry's contracts. Moreover, evidence is found of selection among less risk-averse sailors and merchants into riskier voyages during the war.
机译：本文分析了美国捕鲸业股票合同中风险与激励之间的权衡。使用一个由5378个人组成的新收集小组，他们在1855-68年间进行了1000多次捕鲸航行，估算出水手赔偿对风险增加的反应。用来确定这种反应的风险是由南北战争期间从事商业贸易的联邦海军舰船造成的。由于同盟巡洋舰主要在大西洋航行，因此对捕鲸航行到其他海洋的威胁要小得多，因此采用了一种准实验方法，着眼于大西洋航行与其他航行之间的差异。结果与行业合同中的风险和激励之间的负取舍相一致。此外，在战争期间，有证据表明，在风险规避程度较低的水手和商人中选择了冒险航程。

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