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Multiple-Prize Contests - The Optimal Allocation Of Prizes

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  • Dana Sisak

Abstract

Multiple-prize contests are important in various fields of economics ranging from rent seeking over labour economics, patent and R&D races to tendering for (governmental) projects. Hence it is crucial to understand the incentive effects of multiple prizes on effort investment. This survey attempts to outline, compare and evaluate the results from the literature. While a first prize always results in a positive incentive to invest effort, second and later prizes lead to ambiguous effects. Depending on the objective function, the characteristics of the individuals and the type of contest a different prize allocation is optimal. Copyright � 2008 The Authors. Journal compilation � 2008 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Economic Surveys.

Volume (Year): 23 (2009)
Issue (Month): 1 (02)
Pages: 82-114

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Handle: RePEc:bla:jecsur:v:23:y:2009:i:1:p:82-114

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Cited by:
  1. Subhasish M. Chowdhury & Sang-Hyun Kim, 2014. "A Note on Multi-winner Contest Mechanisms," University of East Anglia Applied and Financial Economics Working Paper Series 058, School of Economics, University of East Anglia, Norwich, UK..
  2. Kaplan, Todd R & Zamir, Shmuel, 2014. "Advances in Auctions," MPRA Paper 54656, University Library of Munich, Germany.
  3. Faravelli, Marco & Stanca, Luca, 2012. "Single versus multiple-prize all-pay auctions to finance public goods: An experimental analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 81(2), pages 677-688.
  4. Stracke, Rudi & Höchtl, Wolfgang & Kerschbamer, Rudolf & Sunde, Uwe, 2012. "Optimal Prizes in Dynamic Elimination Contests: An Experimental Analysis," Economics Working Paper Series 1208, University of St. Gallen, School of Economics and Political Science.
  5. Martin Gregor, 2011. "Corporate lobbying: A review of the recent literature," Working Papers IES 2011/32, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Nov 2011.
  6. Rudi Stracke & Wolfgang Höchtl & Rudolf Kerschbamer & Uwe Sunde, 2014. "Optimal prizes in dynamic elimination contests: Theory and experimental evidence," Working Papers 2014-08, Faculty of Economics and Statistics, University of Innsbruck.
  7. Martin Kolmar & Dana Sisak, 2014. "(In)efficient public-goods provision through contests," Social Choice and Welfare, Springer, vol. 43(1), pages 239-259, June.
  8. Cary Deck & Erik O. Kimbrough, 2014. "Single- and Double-Elimination All-Pay Tournaments," Working Papers 14-10, Chapman University, Economic Science Institute.
  9. Berman, Ron & Katona, Zsolt, 2010. "The Role of Search Engine Optimization in Search Rankings," MPRA Paper 20129, University Library of Munich, Germany.

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