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The Pros and Cons of Workplace Tournaments

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  • Roman M. Sheremeta

    (Weatherhead School of Management, Case Western Reserve University and Economic Science Institute, Chapman University)

  • Timothy W. Shields

    (Argyros School of Business and Economics, Chapman University and Economic Science Institute, Chapman University)

Abstract

We investigate the behavior of information providers (underwriters) and users (investors) in a controlled laboratory experiment where underwriters have incentives to deceive and investors have incentives to avoid deception. Participants play simultaneously as underwriters and investors in one-shot information transmission games. The results of our experiment show a significant proportion of both deceptive and non-deceptive underwriters. Despite the presence of deceptive underwriters, investors are receptive to underwriters’ reports, gleaning information content, albeit overly optimistic. Within our sample, deception by underwriters and reception by investors are the most profitable strategies. Moreover, participants who send deceptive reports to investors, but at the same time are receptive to reports of underwriters, earn the highest payoffs. These results call into question the characterization of duped investors being irrational.

Suggested Citation

  • Roman M. Sheremeta & Timothy W. Shields, 2017. "The Pros and Cons of Workplace Tournaments," Working Papers 17-04, Chapman University, Economic Science Institute.
    • Handle: RePEc:chu:wpaper:17-04
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    2. Jacqueline Chen Chen & Tony Tam & Yen-sheng Chiang, 2019. "The Rise of Merit-based Inequality Acceptance After Exposure to Competition: Experimental Evidence among Chinese University Students," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 144(2), pages 707-728, July.
    3. Sheremeta, Roman, 2018. "Experimental Research on Contests," MPRA Paper 89327, University Library of Munich, Germany.
    4. Majerczyk, Michael & Sheremeta, Roman & Tian, Yu, 2019. "Adding tournament to tournament: Combining between-team and within-team incentives," Journal of Economic Behavior & Organization, Elsevier, vol. 166(C), pages 1-11.
    5. Roman M. Sheremeta, 2018. "Behavior In Group Contests: A Review Of Experimental Research," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 683-704, July.
    6. Oliver Braganza, 2018. "Proxyeconomics, the inevitable corruption of proxy-based competition," Papers 1803.00345, arXiv.org, revised Oct 2019.
    7. Dmitry B. Rokhlin & Anatoly Usov, 2017. "Asymptotic efficiency of the proportional compensation scheme for a large number of producers," Papers 1701.06038, arXiv.org.
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    Keywords

    experiment; strategic communication; risk; deception; investment advice;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • J4 - Labor and Demographic Economics - - Particular Labor Markets
    • J7 - Labor and Demographic Economics - - Labor Discrimination
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics

    NEP fields

    This paper has been announced in the following NEP Reports:

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