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Term Length and the Quality of Appointments

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Author Info

  • Amihai Glazer
  • Vesa Kanniainen

Abstract

Consider a principal who appoints an agent. Let the agent potentially serve for a sufficiently long time that one principal is replaced by another over this period. Suppose also that the quality of the agent appointed increases with the effort the incumbent principal devotes to hiring. Then the quality of the appointment may increase with the length of the agent?s term. Moreover, policies such as mandatory retirement which increase a prinicpal?s concern for output after he leaves office, may induce better hiring.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2000/wp-cesifo-2000-12/cesifo_wp380.pdf
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Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 380.

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Date of creation: 2000
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Handle: RePEc:ces:ceswps:_380

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Keywords: Hiring; tenure; quality of appointment;

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References

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  1. Moe, Terry M, 1990. "Political Institutions: The Neglected Side of the Story," Journal of Law, Economics and Organization, Oxford University Press, vol. 6(0), pages 213-53.
  2. MacDonald, Glenn M, 1988. "The Economics of Rising Stars," American Economic Review, American Economic Association, vol. 78(1), pages 155-66, March.
  3. Joseph E. Harrington & Jr., 1999. "Rigidity of Social Systems," Journal of Political Economy, University of Chicago Press, vol. 107(1), pages 40-64, February.
  4. Willam O. Brown, 1997. "University Governance and Academic Tenure: A Property Rights Explanation," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(3), pages 441-, September.
  5. Moe, Terry M, 1991. "Politics and the Theory of Organization," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 106-29, Special I.
  6. Carmichael, H Lorne, 1988. "Incentives in Academics: Why Is There Tenure?," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 453-72, June.
  7. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, vol. 32(2-3), pages 542-550, March.
  8. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August.
  9. McPherson, Michael S. & Winston, Gordon C., 1983. "The economics of academic tenure : A relational perspective," Journal of Economic Behavior & Organization, Elsevier, vol. 4(2-3), pages 163-184.
  10. Joseph E Harrington Jr, 1999. "The Equilibrium Level of Rigidity in a Hierarchy," Economics Working Paper Archive 398, The Johns Hopkins University,Department of Economics.
  11. Persson, Torsten, 1988. "An introduction and a broad survey," European Economic Review, Elsevier, vol. 32(2-3), pages 519-532, March.
  12. Glazer, Amihai, 1989. "Politics and the Choice of Durability," American Economic Review, American Economic Association, vol. 79(5), pages 1207-13, December.
  13. McCubbins, Mathew D & Noll, Roger G & Weingast, Barry R, 1987. "Administrative Procedures as Instruments of Political Control," Journal of Law, Economics and Organization, Oxford University Press, vol. 3(2), pages 243-77, Fall.
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Cited by:
  1. Glazer, A. & Kanniainen, V., 2000. "The Effects of Employment Protection on the Choice of Risky Projects," Papers 00-05, California Irvine - School of Social Sciences.

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