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Halac, Marina, Kartik, Navin and Liu, Qingmin (2017) Contests for experimentation. Journal of Political Economy, 125 (5). pp. 1523-1569. doi:10.1086/693040
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Official URL: https://doi.org/10.1086/693040
Abstract
We study contests for innovation with learning about the innovation’s feasibility and opponents’ outcomes. We characterize contests that maximize innovation when the designer chooses a prize-sharing scheme and a disclosure policy. A “public winnertakes-all contest” dominates public contests—where any success is immediately disclosed—with any other prize-sharing scheme as well as winner-takes-all contests with any other disclosure policy. Yet, jointly modifying prize sharing and disclosure can increase innovation. In a broad class of mechanisms, it is optimal to share the prize with disclosure following a certain number of successes; under simple conditions, a “hidden equal-sharing” contest is optimal.
| Item Type: | Journal Article | ||||||||
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| Subjects: | A General Works > AS Academies and learned societies (General) G Geography. Anthropology. Recreation > GV Recreation Leisure H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management |
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| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Contests -- Mathematical models, Awards -- Mathematical models, Technological innovations | ||||||||
| Journal or Publication Title: | Journal of Political Economy | ||||||||
| Publisher: | University of Chicago Press | ||||||||
| ISSN: | 0022-3808 | ||||||||
| Official Date: | October 2017 | ||||||||
| Dates: |
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| Date of first compliant deposit: | 15 September 2016 | ||||||||
| Date of first compliant Open Access: | 16 October 2018 | ||||||||
| Volume: | 125 | ||||||||
| Number: | 5 | ||||||||
| Page Range: | pp. 1523-1569 | ||||||||
| DOI: | 10.1086/693040 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| RIOXX Funder/Project Grant: |
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