A standard tournament contract specifies only tournament prizes. If agents' performance is measured on a cardinal scale …, the principal can complement the tournament contract by a gap which defines the minimum distance by which the best … performing agent must beat the second best to receive the winner prize. We analyze a tournament with two risk averse agents …

that the agents face. We study a tournament model and we find that more intense competition, measured by the number of …

that the agents face. We study a tournament model and we find that more intense competition, measured by the number of …

empirical investigation of the risk taking behavior of mutual fund managers indicates that managerial risk taking crucially …, fund managers with a poor midyear performance tend to decrease risk relative to leading managers to prevent potential job … loss. When employment risk is low, compensation incentives become more relevant and fund managers with a poor midyear …