Tournament contracts are characterized that simultaneously elicit first-best efficient effort levels and self -selection of risk-neutral heterogeneous workers into ability-specific contracts. Comparisons across self-selected ability types are shown to be sometimes necessary to attain efficiency....

The literature on the benefits and costs of regulation demonstrates that this issue can be explored systematically using standard economic analysis. It also shows that regulation can have a significant adverse impact on economic growth. Specifically, regulation aimed at controlling prices and...