performance - in particular, tournament incentives - induce more stress than schemes that are independent of performance - fixed … self-reported feelings of stress and primary appraisals. We find that tournament incentives induce a stress response … incentives schemes is not a relevant criterion for sorting decisions in our experiment. Finally, we find that cortisol levels are …

tradeoff between risk and incentives. Subjects in our experiments choose their compensation for performing a real-effort task …