- players is high or low, while the most efficient team of the tournament is not affected by the wage structure. The U …

-order tournament. Perceived entitlements are sensitive to how hard an agent has worked relative to her rival, and agents are loss … averse around their meritocratically determined endogenous reference points. In a fair tournament sufficiently large desert … average. In an unfair tournament, where one agent is advantaged, the equilibrium is symmetric in the absence of desert, but …