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On the Welfare Effect of an Equivalent Tariff and Quota

  • O Gurtler
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    In the principal-agent literature, a collective tournament, i.e. a tournament between teams, has been proposed as a solution to the free-rider problem. Competition between the teams is said to foster within-team cooperation and, hence, to mitigate free-riding. In this paper, we analyse the impact of an agent's liability on the tournament outcome. In the more realistic case of limited liability, a collective tournament is found to perform very poorly. Free-riding is, in this case, even intensified when applying a collective tournament.

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    Article provided by Economic Issues in its journal Economic Issues.

    Volume (Year): 11 (2006)
    Issue (Month): 1 (March)
    Pages: 1-8

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    Handle: RePEc:eis:articl:106gurtler
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    Web page: http://www.economicissues.org.uk

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    1. Glenn C. Loury, 1976. "Market Structure and Innovation," Discussion Papers 256, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Gurtler, Oliver, 2005. "Collective contests with externalities: corrigendum," European Journal of Political Economy, Elsevier, vol. 21(2), pages 533-536, June.
    3. Muller, Holger M & Warneryd, Karl, 2001. "Inside versus Outside Ownership: A Political Theory of the Firm," RAND Journal of Economics, The RAND Corporation, vol. 32(3), pages 527-41, Autumn.
    4. Stergios Skaperdas, 1996. "Contest success functions (*)," Economic Theory, Springer, vol. 7(2), pages 283-290.
    5. Lee, Sanghack & Hyeong Kang, J., 1998. "Collective contests with externalities," European Journal of Political Economy, Elsevier, vol. 14(4), pages 727-738, November.
    6. Davis, Douglas D & Reilly, Robert J, 1999. " Rent-Seeking with Non-identical Sharing Rules: An Equilibrium Rescued," Public Choice, Springer, vol. 100(1-2), pages 31-38, July.
    7. Dragon, Robert & Garvey, Gerald T. & Turnbull, Geoffrey K., 1996. "A collective tournament," Economics Letters, Elsevier, vol. 50(2), pages 223-227, February.
    8. Nalbantian, Haig R & Schotter, Andrew, 1997. "Productivity under Group Incentives: An Experimental Study," American Economic Review, American Economic Association, vol. 87(3), pages 314-41, June.
    9. Nitzan, Shmuel, 1991. "Collective Rent Dissipation," Economic Journal, Royal Economic Society, vol. 101(409), pages 1522-34, November.
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