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First and Second Prizes in Imperfectly Discriminating Contests

  • Szymanski, Stefan
  • Valletti, Tommaso

Most of the contest literature deals with first prizes; this Paper deals with the optimality of second prizes. We show that in a three-person contest where one contestant is very strong a second prize can be optimal from the point of view of eliciting maximum effort from every contestant. Moreover, we consider the desirability of second prizes from the point of view of competitive balance, which matters for contests such as sports competitions.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4484.

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Date of creation: Jul 2004
Date of revision:
Handle: RePEc:cpr:ceprdp:4484
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