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Simultaneous- versus Sequential-Move Tournaments with Heterogeneous Agents

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Author Info

  • Peter-J. Jost
  • Matthias Kräkel

Abstract

This paper extends the discussion of simultaneous-move tournaments by focusing on the analysis of heterogeneous instead of homogeneous contestants. We show that the principal will not implement first-best efforts even though the agents are risk neutral and not limited in wealth, and despite the principal being able to implement an efficient outcome. At a second step, we compare our results with the equilibrium findings for sequential-move tournaments. We show that agents’ strategic behavior differs significantly in the two setups. In the sequential-move tournament, an underdog can realize a first-mover advantage, but the underdog is never better off in the simultaneous-move tournament. We also discuss the principal’s preferences for the different types of tournaments.

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Bibliographic Info

Article provided by LMU Munich School of Management in its journal Schmalenbach Business Review.

Volume (Year): 58 (2006)
Issue (Month): 4 (October)
Pages: 306-331

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Handle: RePEc:sbr:abstra:v:58:y:2006:i:4:p:306-331

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Related research

Keywords: Endogenous Ordering of Moves; Heterogeneous Agents; Rank-order Tournaments;

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