of winning and losing in a competition on the willingness to seek further challenges. Participants in a lab experiment … compete in two-person tournaments and are then informed of their score and the outcome of the competition. Conditional on the …

This paper experimentally studies the effects of competition in an environment where people's actions can not be … contractually fixed. We find that, in comparison with no competition, the presence of competition does neither increase efficiency … nor does it yield any gains in earnings for the short side of the exchange relation. Moreover, competition has a clearly …