?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F23338%2F&rft.title=Career+Concerns+with+Exponential+Learning&rft.creator=Bonatti%2C+Alessandro&rft.creator=H%C3%B6rner%2C+Johannes&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=This+paper+analyzes+the+impact+of+market+structure+on+career+concerns.+Effort+increases+the+probability+that+a+skilled+agent+achieves+a+one-time+breakthrough.+Wages+are+based+on+assessed+ability+and+on+expected+output.+For+any+wage%2C+the+agent+works+too+little%2C+too+late.+Under+short-term+contracts%2C+effort+and+wages+are+single-peaked+with+seniority%2C+due+to+the+strategic+substitutability+of+effort+levels+at+different+times.+Both+delay+and+underprovision+of+effort+worsen+if+effort+is+observable.+Commitment+to+wages+by+competing+firms+mitigates+these+inefficiencies.+In+that+case%2C+the+optimal+contract+features+piecewise+constant+wages+and+severance+pay.&rft.publisher=TSE+Working+Paper&rft.date=2017-03&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=fr&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F23338%2F1%2FBonatti_23338.pdf&rft.identifier=++Bonatti%2C+Alessandro+and+H%C3%B6rner%2C+Johannes+%3Chttps%3A%2F%2Fwww.idref.fr%2F126857253%3E++(2017)+Career+Concerns+with+Exponential+Learning.++TSE+Working+Paper%2C+n.+17-793%2C+Toulouse+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F31604&rft.language=en