On the Prevalence of Labor Contracts with Fixed Duration
从内生角度解释为何固定期限劳动合同比随物价指数变动的随机期限合同更普遍，发现指数化损失随合同期限波动而增加，而签约成本仅取决于预期折现期限，因此固定期限更优。
The prevalence of labor contracts with fixed duration seems surprising. Why is a fixed duration preferred to a stochastic duration that depends on the consumer price index? In this paper, the specification of the contract duration is determined endogenously. The wage rate can be indexed to the consumer price index, but there is a loss since the indexation must be the same for different types of shocks. This loss increases with the variability of the contract duration. Since the loss due to the contracting cost depends on the expected discounted duration only, a fixed duration is chosen. Copyright 1992 by American Economic Association.