The Hidden Costs of Downsizing
通过实验室实验，分析委托人解雇代理人是否影响幸存代理人的绩效，发现代理人绩效因裁员决策下降43%，且委托人决策的异质性源于对代理人反应的信念差异。
We analyse whether a principal’s decision to lay off an agent affects the performance of the surviving agents in a laboratory experiment. We find that agents reduce their performance by 43% as a response to the lay‐off decision. Heterogeneity in principals’ decisions can largely be explained by different beliefs about how agents react to lay‐offs.