Full implementation of rank-dependent prizes
AbstractA manager/mechanism designer must allocate a set of money prizes ($1,$2,…,$n) between n agents working in a team. The agents know the state, i.e., who contributed most, second most, etc. The agents’ preferences over prizes are state independent. We incorporate the possibility that the manager knows the state with a tiny probability and present a simple mechanism that uniquely awards prizes that respect the true state.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 119 (2013)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/ecolet
Full implementation; Direct mechanism; Verifiable information; Rank-order tournaments;
Find related papers by JEL classification:
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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