Productivity and credibility in industry equilibrium
研究了竞争环境中异质性企业的生产模型，指出组织内非契约性行动依赖未来竞争租金的可信承诺，导致租金在顶端低效集中，并探讨了政策与实证含义。
Abstract I analyze a model of production in a competitive environment with heterogeneous firms. Efficient production requires individuals within the organization to take noncontractible actions for which rewards must be informally promised rather than contractually assured. The credibility of such promises originates from a firm's future competitive rents. In equilibrium, heterogeneous firms are heterogeneously constrained, and competitive rents are inefficiently concentrated at the top. I explore several policy and empirical implications of this result.