In winner‐take‐all tournaments, agents' performance is determined jointly by effort and luck, and the top performer is rewarded. We study the impact of the “shape of luck”—the details of the distribution of performance shocks—on incentives in such settings. We are concerned with the...

In winner-take-all tournaments, agents' performance is determined jointly by effort and luck, and the top performer is rewarded. We study the impact of the ''shape of luck'' -- the details of the distribution of performance shocks -- on incentives in such settings. We are concerned with the...

In winner-take-all tournaments, agents' performance is determined jointly by effort and luck, and the top performer is rewarded. We study the impact of the ''shape of luck'' -- the details of the distribution of performance shocks -- on incentives in such settings. We are concerned with the...