English, Article, Journal or magazine article edition: Preemptive Behavior in Sequential-Move Tournaments with Heterogeneous Agents Peter-J. Jost; Matthias Kräkel

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Bookmark: http://trove.nla.gov.au/version/52623
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Preemptive Behavior in Sequential-Move Tournaments with Heterogeneous Agents
Author
  • Peter-J. Jost
  • Matthias Kräkel
Physical Description
  • preprint
Notes
  • Rank-order tournaments are usually modeled simultaneously. However, real tournaments are often sequential. We show that agents’ strategic behavior in sequential-move tournaments significantly differ from the one in simultaneous-move tournaments: In a sequential-move tournament with heterogeneous agents, there may be either a first-mover or a second-mover advantage. Under certain conditions the first acting agent chooses a preemptively high effort so that the following agent gives up. The principal is able to prevent preemptive behavior in equilibrium, but he will not implement first-best efforts although the agents are risk neutral.
  • preemption, tournaments
  • RePEc:bon:bonedp:bgse21_2004
Language
  • English
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