Agents work for their own reputations when young but for their firms when old. An individual with an established reputation cannot credibly commit to exerting effort when working alone. However, by hiring and working with juniors of uncertain reputation, seniors will have incentives to exert...

An agent can exert effort to improve the quality of a signal that also depends on his ability. The signal will help him to choose an action, which, in turn will lead to some observable good or bad outcome. Transparency on actions can distort the agent's choices towards quot;smartquot; actions...