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Bribery in Rank-Order Tournaments

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Author Info
Son Kim (Seoul National University)
Cheng-Zhong Qin (University of California, Santa Barbara)
Yan Yu (Hong Kong University of Science and Technology)

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Abstract

In many principal-agent relations, objective measures of the agents' performance are not available. In those cases, the principals have to rely on subjective performance measures for designing incentive schemes. Incentive schemes based on subjective performance measures open the possibilities for in influencing activities by the agents. This paper extends Lazear and Rosen's (1981) model of rank-order tournaments by considering further competition between the agents in a bribery game after production but before selection of the winner. The paper studies how the bribery game affects the principal's design of the rank-order tournament and how the anticipation of the bribery game affects the agents' effort choices.

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Paper provided by Department of Economics, UC Santa Barbara in its series University of California at Santa Barbara, Economics Working Paper Series with number wp1-03.

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Date of creation: 21 Sep 2004
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Handle: RePEc:cdl:ucsbec:wp1-03

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Related research
Keywords: Principal-agent problem; relative performance; subgame-perfect; equilibrium; tournaments;

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  1. 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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  2. Malcomson, James M, 1984. "Work Incentives, Hierarchy, and Internal Labor Markets," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 486-507, June. [Downloadable!] (restricted)
  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. Innes, Robert D., 1990. "Limited liability and incentive contracting with ex-ante action choices," Journal of Economic Theory, Elsevier, vol. 52(1), pages 45-67, October. [Downloadable!] (restricted)
  5. 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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  6. Fairburn, James A & Malcomson, James M, 2001. "Performance, Promotion, and the Peter Principle," Review of Economic Studies, Blackwell Publishing, vol. 68(1), pages 45-66, January.
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  7. Lazear, Edward P, 1989. "Pay Equality and Industrial Politics," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 561-80, June. [Downloadable!] (restricted)
  8. Paul R. Milgrom, 1981. "Good News and Bad News: Representation Theorems and Applications," Bell Journal of Economics, The RAND Corporation, vol. 12(2), pages 380-391, Autumn. [Downloadable!] (restricted)
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  9. 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)
  10. Oliver E. Williamson & Michael L. Wachter & Jeffrey E. Harris, 1975. "Understanding the Employment Relation: The Analysis of Idiosyncratic Exchange," Bell Journal of Economics, The RAND Corporation, vol. 6(1), pages 250-278, Spring. [Downloadable!] (restricted)
  11. 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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