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| Publications [#375219] of Huseyin Yildirim
Journal Articles
- Name Correa, AJ; Yildirim, H, Multiple prizes in tournaments with career concerns,
Journal of Economic Theory, vol. 215
(January, 2024) [doi]
(last updated on 2025/04/11)
Abstract:
We introduce career concerns into rank-order tournaments and offer a novel explanation for the pervasiveness of multiple prizes. We argue that career-concerned individuals, already facing market pressure to perform, will be reluctant to participate in winner-take-all competitions. To entice them and maximize performance, the organizer promises a softer competition through multiple prizes. We show that the minimum number of prizes is single-peaked in the population's talent variance and increasing in publicly disclosed ranks. We also examine entry fees, talent pre-screening, and prize budget as design tools for tournaments, along with prize allocation.
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