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Gaining advantage by winning contests
Review of Economic Design ( IF 0.238 ) Pub Date : 2020-03-20 , DOI: 10.1007/s10058-020-00229-0
Derek J. Clark , Tore Nilssen , Jan Yngve Sand

We consider a principal who faces many identical competitors, and who can distribute a prize fund over two consecutive contests. The winner of contest one gains an advantage in contest two where his effort is more productive than all rivals. We identify a tipping point for the productivity parameter, below which it is optimal for an effort-maximizing principal to place the whole prize in the second contest. Above this level, a single symmetric contest is preferred. The institution chosen depends inextricably upon the number of competitors and their valuation of future gains and costs. We identify the optimal setting of the productivity parameter, showing that introducing asymmetry can increase total efforts by as much as one quarter compared to a single symmetric contest.

中文翻译:

通过赢得比赛获得优势

我们考虑一位面对许多相同竞争对手的校长,他可以在两次连续比赛中分配奖金。第一场比赛的获胜者在第二场比赛中获得了优势,在第二场比赛中他的努力比所有竞争对手都更有成效。我们确定了生产率参数的临界点,在该临界点以下,对于最大程度地努力工作的负责人而言,将全部奖金置于第二场竞赛中是最佳的。高于此级别,则首选单个对称竞赛。选择的机构密不可分地取决于竞争者的数量及其对未来收益和成本的评估。我们确定了生产率参数的最佳设置,这表明与单个对称竞赛相比,引入不对称可以使总工作量增加多达四分之一。
更新日期:2020-03-20
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