Advertisement
Published in:
2007 | OriginalPaper | Chapter
Effort and Performance
Published in: Endogenous Public Policy and Contests
Publisher: Springer Berlin Heidelberg
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
Tournaments, conflict, patent races and rent-seeking have been modeled as contests in which participants exert efforts to increase their probability of winning a prize. In most studies of contests, however, the source of the prize or, more generally, the source of the contestants’ prize valuations has been ignored. Despite the fact that in some studies the source of the prize system was based on the existence of monopoly profits (rents) or various forms of protective trade policies, see, for example, Mueller (2003), the general role of public policy as a determinant of the contest prize system has not been adequately studied. The main objective of this chapter is to accomplish this task.