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Sorting In Heterogeneous Contests

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Author Info
YEON-SEUNG CHUNG
Abstract

This paper establishes the efficient sorting of contests when the actions of workers are not observable to firms and the workers are heterogeneous by utilizing the assumption that the productivities of each type of worker vary with the firms. The previous result of 'nonexistence’ of efficient sorting of contests is shown due to the strict use of the risk-neutral and separable utility functions. Efficient sorting is possible because both the probability of winning and the level of prizes determine the expected return in contests, which move in the opposite directions. [610]

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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 4 (1990)
Issue (Month): 4 (December)
Pages: 71-89
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Handle: RePEc:taf:intecj:v:4:y:1990:i:4:p:71-89

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  1. Bull, Clive & Schotter, Andrew & Weigelt, Keith, 1987. "Tournaments and Piece Rates: An Experimental Study," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 1-33, February. [Downloadable!] (restricted)
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  2. Edward P. Lazear & Sherwin Rosen, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Barry J. Nalebuff & Joseph E. Stiglitz, 1983. "Prices and Incentives: Towards a General Theory of Compensation and Competition," Bell Journal of Economics, The RAND Corporation, vol. 14(1), pages 21-43, Spring. [Downloadable!] (restricted)
  4. Guasch, J Luis & Weiss, Andrew, 1982. "An Equilibrium Analysis of Wage-Productivity Gaps," Review of Economic Studies, Blackwell Publishing, vol. 49(4), pages 485-97, October. [Downloadable!] (restricted)
  5. Guasch, J Luis & Weiss, Andrew, 1980. "Wages as Sorting Mechanisms in Competitive Markets with Asymmetric Information: A Theory of Testing," Review of Economic Studies, Blackwell Publishing, vol. 47(4), pages 653-64, July. [Downloadable!] (restricted)
  6. Glenn M. MacDonald, 1984. "New Directions in the Economic Theory of Agency," Canadian Journal of Economics, Canadian Economics Association, vol. 17(3), pages 415-40, August. [Downloadable!] (restricted)
  7. Rosen, Sherwin, 1986. "Prizes and Incentives in Elimination Tournaments," American Economic Review, American Economic Association, vol. 76(4), pages 701-15, September. [Downloadable!] (restricted)
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  8. Riley, John G., 1975. "Competitive signalling," Journal of Economic Theory, Elsevier, vol. 10(2), pages 174-186, April. [Downloadable!] (restricted)
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  9. Bhattacharya, Sudipto, 1980. "Nondissipative Signaling Structures and Dividend Policy," The Quarterly Journal of Economics, MIT Press, vol. 95(1), pages 1-24, August.
  10. Dixit, Avinash K, 1987. "Strategic Behavior in Contests," American Economic Review, American Economic Association, vol. 77(5), pages 891-98, December. [Downloadable!] (restricted)
  11. Glazer, Amihai & Hassin, Refael, 1988. "Optimal Contests," Economic Inquiry, Oxford University Press, vol. 26(1), pages 133-43, January.
  12. O'Keeffe, Mary & Viscusi, W Kip & Zeckhauser, Richard J, 1984. "Economic Contests: Comparative Reward Schemes," Journal of Labor Economics, University of Chicago Press, vol. 2(1), pages 27-56, January. [Downloadable!] (restricted)
  13. Green, Jerry R & Stokey, Nancy L, 1983. "A Comparison of Tournaments and Contracts," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 349-64, June. [Downloadable!] (restricted)
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  14. Akerlof, George A, 1976. "The Economics of Caste and of the Rat Race and Other Woeful Tales," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 599-617, November. [Downloadable!] (restricted)
  15. Bhattacharya, Sudipto & Guasch, J Luis, 1988. "Heterogeneity, Tournaments, and Hierarchies," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 867-81, August. [Downloadable!] (restricted)
  16. Bengt Holmstrom, 1982. "Moral Hazard in Teams," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 324-340, Autumn. [Downloadable!] (restricted)
  17. Carmichael, H Lorne, 1983. "The Agent-Agents Problem: Payment by Relative Output," Journal of Labor Economics, University of Chicago Press, vol. 1(1), pages 50-65, January. [Downloadable!] (restricted)
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