企業特殊的人的資本投資によるホールドアップ問題とピーターの法則 Specific Investments, Hold-up and the Peter Principle
This paper examines why the trade off between incentives and job assignment causes the Peter Principle (where people are promoted to their level of incompetence). It develops a model in which the employer cannot write long-term wage contracts. Under the incomplete contract, employees tend to under-invest in the firm-specific human capital. We show that the employer distorts the assignment in the direction of the Peter Principle to improve this hold-up problem.
經濟學論究 57(2), 27-46, 2003-06-25