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Sequential Tournaments
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I study the design of sequential tournaments in which one agent makes his effort choice after observing the other agent's decision. In case the two agents are homogeneous and both risk-neutral, sequential tournaments are identical to simultaneous tournaments w.r. to prizes and effort implementation if the agents' output depends on luck rather than effort. In tournaments in which the agents differ in their productivity the time structure of the tournament however influences its prize structure although first-best effort choices can be implemented in both cases. Assuming that agents are risk-averse, this difference leads to the result that the principal prefers a sequential rather than a simultaneous tournament.
Title: Sequential Tournaments
Description:
I study the design of sequential tournaments in which one agent makes his effort choice after observing the other agent's decision.
In case the two agents are homogeneous and both risk-neutral, sequential tournaments are identical to simultaneous tournaments w.
r.
to prizes and effort implementation if the agents' output depends on luck rather than effort.
In tournaments in which the agents differ in their productivity the time structure of the tournament however influences its prize structure although first-best effort choices can be implemented in both cases.
Assuming that agents are risk-averse, this difference leads to the result that the principal prefers a sequential rather than a simultaneous tournament.
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