competition for principals or agents. While we do observe substantial and significant ratchet effects in the baseline (no … competition) case of our model, we find that ratchet behavior is nearly eliminated by labor-market competition; interestingly this …

is true regardless of whether market conditions favor principals or agents. -- Ratchet effect ; competition ; experiment … competition for principals or agents. While we do observe substantial and significant ratchet effects in the baseline (no … competition) case of our model, we find that ratchet behavior is nearly eliminated by labor-market competition; interestingly this …

be derived from reaching a better relative position. We use a real-effort experiment in which we permit individuals to … ; experiment …