Abstract : We show that firms' practice of anonymous contracts (“one-size-fits-all”) can be reconciled with standard agency theory if careers are marked by frequent transitions between employers, and agents have career concerns because complete long-term contracts are not feasible.
Alexander K. Koch, Eloïc Peyrache. Moral hazard contracts: Does one size fit all?. Economics Letters, Elsevier, 2008, Vol.100,n°3, pp.399-401. ⟨10.1016/j.econlet.2008.03.003⟩. ⟨hal-00463445⟩