Career Concerns, Contracts, and Effort Distortions
分析一个两期职业关注模型，发现合同不可观察会导致努力向上扭曲，且扭曲程度随员工流动率增加而上升。
A two-period, career-concerns model with symmetric information but uncertainty about each worker's ability is analyzed. Contracts are unobservable, but incomes are observable. It is shown that effort is distorted upward by contracts being unobservable and that the distortion depends positively on turnover.