We develop a product market theory that explains why firms invest in general training of their workers. We consider a …

sequential tournament, under certain conditions the first acting agent chooses a preemptively high effort so that the following …

From an employer's perspective a tournament should induce agents to exert productive activities but refrain from … destructive ones. We experimentally test the predictive power of a tournament model which suggests that within a reasonable … framework productive and destructive activities are not influenced neither by the number of agents taking part in the tournament …

Tournament incentive schemes offer payments dependent on relative performance and thereby are intended to motivate …