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Designing Dynamic Research Contests

Author

Listed:
  • Jean-Michel Benkert
  • Igor Letina

Abstract

This paper studies the optimal design of dynamic research contests. We introduce interim transfers, which are paid in every period while the contest is ongoing, to an otherwise standard setting. We show that a contest where (i) the principal can stop the contest in any period, (ii) a constant interim transfer is paid to agents in each period while the contest is ongoing, and (iii) a final prize is paid once the principal stops the contest, is optimal for the principal and implements the first-best.

Suggested Citation

  • Jean-Michel Benkert & Igor Letina, 2020. "Designing Dynamic Research Contests," American Economic Journal: Microeconomics, American Economic Association, vol. 12(4), pages 270-289, November.
    • Handle: RePEc:aea:aejmic:v:12:y:2020:i:4:p:270-89
    DOI: 10.1257/mic.20180263
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    Cited by:

    1. Matros, Alexander & Ponomareva, Natalia & Smirnov, Vladimir & Wait, Andrew, 2022. "Search without looking," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    2. Th'eo Durandard, 2023. "Dynamic delegation in promotion contests," Papers 2308.05668, arXiv.org.
    3. Jorge Lemus & Emil Temnyalov, 2024. "Diversification and information in contests," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 78(1), pages 263-294, August.
    4. Letina, Igor & Liu, Shuo & Netzer, Nick, 2023. "Optimal contest design: Tuning the heat," Journal of Economic Theory, Elsevier, vol. 213(C).
    5. Dmitry Ryvkin, 2022. "To Fight or to Give Up? Dynamic Contests with a Deadline," Management Science, INFORMS, vol. 68(11), pages 8144-8165, November.

    More about this item

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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