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We utilize a laboratory experiment to compare effort provision under optimal tournament contracts with different distributions of prizes which motivate agents to compete to be first, avoid being last, or both. We find that the combined tournament contract incorporating both incentives at the top...
Persistent link: https://www.econbiz.de/10011337036
reinforcement learning. …
Persistent link: https://www.econbiz.de/10010340563
behavior in all mechanisms is consistent with basic directional and reinforcement learning. …
Persistent link: https://www.econbiz.de/10010312236
We utilize a laboratory experiment to compare effort provision under optimal tournament contracts with different distributions of prizes which motivate agents to compete to be first, avoid being last, or both. We find that the combined tournament contract incorporating both incentives at the top...
Persistent link: https://www.econbiz.de/10011345390
behavior in all mechanisms is consistent with basic directional and reinforcement learning. …
Persistent link: https://www.econbiz.de/10010633550
behavior in all mechanisms is consistent with basic directional and reinforcement learning. -- tournament ; reward ; punishment … ; promotion ; firing ; contract ; experiment ; learning …
Persistent link: https://www.econbiz.de/10009743404
We utilize a laboratory experiment to compare effort provision under optimal tournament contracts with different distributions of prizes which motivate agents to compete to be first, avoid being last, or both. We find that the combined tournament contract incorporating both incentives at the top...
Persistent link: https://www.econbiz.de/10013015024
Economics has devoted little attention so far as to whether the type of decision maker matters for economic decisions. However, many important decisions like those on monetary policy or a company’s business strategy are made by (small) groups rather than an individual. We compare behaviour of...
Persistent link: https://www.econbiz.de/10005866848
Economics has devoted little attention so far as to whether the type of decision maker matters for economic decisions. However, many important decisions like those on monetary policy or a company's business strategy are made by (small) groups rather than an individual. We compare behaviour of...
Persistent link: https://www.econbiz.de/10005765178
We study the impact of advice or observation on the depth of reasoning in an experimental beauty-contest game. Both sources of information trigger faster convergence to the equilibrium. Yet, we find that subjects who receive naïve advice outperform uninformed subjects permanently, whereas...
Persistent link: https://www.econbiz.de/10011350357