CAREER CONCERNS: INCENTIVES AND ENDOGENOUS LEARNING IN LABOUR MARKETS

Jeff Borland

26 citations0/0 files storedJournal of Economic Surveys

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Corporate Finance and Governance Merger and Competition Analysis Game Theory and Applications

Abstract

Abstract. Models of career concerns provide a framework for analysing the actions that may be taken by a manager in an attempt to influence performance signals that the market uses to update its beliefs on her productivity, and the incentive problem that arises if such actions do not coincide with those that maximise the financial return to a firm's owner. This survey provides a formal introduction to the main types of models of career concerns (hidden action and hidden information), and discusses some extensions of these models. Applications of the career concerns framework to explain aspects of managerial behaviour and the form of labour market institutions are emphasised.

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References

1980Agency Problems and the Theory of the Firm 1980Toward a positive theory of consumer choice 1982Moral Hazard in Teams 1981Rank-Order Tournaments as Optimum Labor Contracts 1979Rank-Order Tournaments as Optimum Labor Contracts 1988Herd Behavior and Investment 1991Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence 1974Law Enforcement, Malfeasance, and Compensation of Enforcers

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2003Knowledge, Capabilities and Human Capital Formation in Economic Growth 2009Career concerns incentives: An experimental test

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