The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.
A Comparison of Tournaments and Contracts
Abstract
Tournaments, reward structures based on rank order, are compared with individual contracts in a model with one risk-neutral principal and many risk-averse agents. Each agent's output is a stochastic function of his effort level plus an additive shock term that is common to all the agents. The principal observes only the output levels of the agents. It is shown that, in the absence of a common shock, using optimal independent contracts dominates using the optimal tournament. Conversely, if the distribution of the common shock is sufficiently diffuse, using the optimal tournament dominates using optimal independent contracts. Finally, it is shown that for a sufficiently large number of agents, a principal who cannot observe the common shock but uses the optimal tournament does as well as one who can observe the shock and uses independent contracts.
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Citations
Cites
Moral Hazard and Observability
Holmstrom, B. (1979) · The Bell Journal of Economics · doi:10.2307/3003320 · Cited by 8,311
Rank-Order Tournaments as Optimum Labor Contracts
Lazear, E. P., & Rosen, S. (1981) · Journal of Political Economy · doi:10.1086/261010 · Cited by 4,560
Rank-Order Tournaments as Optimum Labor Contracts
Lazear, E., & Rosen, S. (1979) · National Bureau of Economic Research · doi:10.3386/w0401 · Cited by 3,033
Prizes and Incentives: Towards a General Theory of Compensation and Competition
Nalebuff, B. J., & Stiglitz, J. E. (1983) · The Bell Journal of Economics · doi:10.2307/3003535 · Cited by 1,111
Prices and Incentives: Towards a General Theory of Compensation and Competition
Stiglitz, J. E., & Nalebuff, B. (1983) · The Bell Journal of Economics and Management Science · doi:10.7916/d87h1v6s · Cited by 975
Cited by
The Provision of Incentives in Firms
Prendergast, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.7 · Cited by 3,338
Pay Equality and Industrial Politics
Lazear, E. P. (1989) · Journal of Political Economy · doi:10.1086/261616 · Cited by 1,201
Bergen, M., Dutta, S., & Walker, O. C. (1992) · Journal of Marketing · doi:10.1177/002224299205600301 · Cited by 1,105
The Consequences of the Dependence of Quality on Price
Stiglitz, J. E. (1987) · Journal of Economic Literature · doi:10.7916/d8348wdh · Cited by 958
Lazear, E. P. (1986) · The Journal of Business · doi:10.1086/296345 · Cited by 708
Metadata
- Authors
- Green, J. R., & Stokey, N. L.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1983-06
- Volume
- 91
- Issue
- 3
- Pages
- 349-364
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W1983306461
- Cited by
- 983
- References
- 5
- FWCI
- 12.41
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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