Arrangement institutionnel et fonctionnement du marché du travail. Le cas de la chasse de tête

Do head hunters firms improve the matching process, and therefore contribute to the efficiency of the labour market of top executives? Far from being a passive vector, on one hand they contribute to shape companies' specific demand; on the other hand, they initiate the supply of candidates resorting to their networks. Head hunters implement idiosyncratic categories of evaluation in order to fit as well as possible both parties' preferences. If such a type of transaction reduces information costs, it nevertheless produces distortions with regard to the market efficiency. It introduces a bias in favour of mobility between identical jobs (in terms of occupation and industry) and therefore participates to the labour market segmentation, which impedes substitution mechanisms. As a consequence, they contribute to the inflationary pressures that characterise the top executives' labour market. - Special issue: New patterns of institutions.