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Koch, Alexander K.
Peyrache, Eloïc
Year of Publication: 
Series/Report no.: 
IZA Discussion Papers 2463
Incentive theory predicts that contract terms should respond to differences in agents' productivities. Firms' practice of anonymous contracts thus appears puzzling. We show that such a one-size-fits-all approach can be reconciled with standard agency theory if careers are marked by frequent transitions between employers, and agents have career concerns because complete long-term contracts are not feasible.
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Working Paper

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