The Retention Effect of Withholding Performance Information
研究企业为何选择不向员工透露绩效评估结果，发现当员工外部机会好、可能离职时，企业会隐瞒信息以留住员工，均衡策略是低绩效解雇、高绩效公开、中间绩效隐瞒。
It is a common practice for firms to conduct performance evaluations of their employees and yet to withhold this information from those employees. This paper argues that firms strategically withhold performance information to retain workers. In particular, if the worker enjoys high outside options and is tempted to quit, then the firm chooses not to reveal his performance information in order to keep him on the job. The firm's equilibrium strategy is to fire if performance is sufficiently low, reveal information if performance is sufficiently high, and withhold information otherwise. The pooling equilibrium is robust under a wide variety of settings, such as general cost functions, ability-contingent outside options, nonlinear contracts, nonverifiable output, and multiple stages of production.