We introduce human capital accumulation, in the form of learning--by--doing, in a life--cycle model of career concerns and analyze how human capital acquisition affects implicit incentives for performance. We show that standard results from the career concerns literature can be reversed in the...

We study a dynamic, decentralized market environment with asymmetric information and interdependent values between buyers and sellers, and characterize the complete set of non-stationary equilibria. For a given fraction of low-quality assets, or ``lemons,'' the model describes how prices, the...