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The first-order approach in rank-order tournaments

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  • Gürtler, Oliver

Abstract

The first-order approach in rank-order tournaments is addressed. It is demonstrated that the conditions given in the literature are not sufficient to guarantee concavity of agents' objective functions. Additional conditions are provided that ensure validity of the first-order approach.

Suggested Citation

  • Gürtler, Oliver, 2011. "The first-order approach in rank-order tournaments," Economics Letters, Elsevier, vol. 111(3), pages 185-187, June.
  • Handle: RePEc:eee:ecolet:v:111:y:2011:i:3:p:185-187
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    References listed on IDEAS

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    1. Lazear, Edward P & Rosen, Sherwin, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 841-864, October.
    2. Konrad, Kai A., 2009. "Strategy and Dynamics in Contests," OUP Catalogue, Oxford University Press, number 9780199549603.
    3. Jewitt, Ian, 1988. "Justifying the First-Order Approach to Principal-Agent Problems," Econometrica, Econometric Society, vol. 56(5), pages 1177-1190, September.
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    Cited by:

    1. Imhof, Lorens & Kräkel, Matthias, 2014. "Bonus pools and the informativeness principle," European Economic Review, Elsevier, vol. 66(C), pages 180-191.
    2. Kräkel, Matthias & Nieken, Petra, 2015. "Relative performance pay in the shadow of crisis," European Economic Review, Elsevier, vol. 74(C), pages 244-268.
    3. Imhof, Lorens & Kräkel, Matthias, 2014. "Tournaments with gaps," Economics Letters, Elsevier, vol. 122(2), pages 211-214.
    4. Ewerhart, Christian, 2016. "An envelope approach to tournament design," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 1-9.

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