Macho-Stadler, Inés; Pérez-Castrillo, David; … - Departament d'Economia i Història Econòmica, … - 2011
We consider a market where firms hire workers to run their projects and such projects differ in profitability. At any period, each firm needs two workers to suc- cessfully run its project: a junior agent, with no specific skills, and a senior worker, whose effort is not verifiable. Senior...