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Designing dynamic research contests


Benkert, Jean-Michel; Letina, Igor (2019). Designing dynamic research contests. Working paper series / Department of Economics 235, University of Zurich.

Abstract

This paper studies the optimal design of dynamic research contests. We introduce interim transfers, which are paid in every period while the contest is ongoing, to an otherwise standard setting. We show that a contest where: (i) the principal can stop the contest in any period, (ii) a constant interim transfer is paid to agents in each period while the contest is ongoing, and (iii) a final prize is paid once the principal stops the contest, is optimal for the principal and implements the first-best.

Abstract

This paper studies the optimal design of dynamic research contests. We introduce interim transfers, which are paid in every period while the contest is ongoing, to an otherwise standard setting. We show that a contest where: (i) the principal can stop the contest in any period, (ii) a constant interim transfer is paid to agents in each period while the contest is ongoing, and (iii) a final prize is paid once the principal stops the contest, is optimal for the principal and implements the first-best.

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Department of Economics
Dewey Decimal Classification:330 Economics
JEL Classification:O32, D02, L19
Uncontrolled Keywords:Innovation, dynamic contests, research contests, inducement prizes, Innovation, Stoppregel, Forschung, Implementation, Dynamisches Entscheidungsmodell, Innovation, Belohnung
Language:English
Date:August 2019
Deposited On:27 Sep 2016 09:28
Last Modified:21 Aug 2020 08:50
Series Name:Working paper series / Department of Economics
Number of Pages:36
ISSN:1664-7041
Additional Information:Revised version
OA Status:Green
Official URL:https://www.econ.uzh.ch/static/release/workingpapers.php?id=914

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Download PDF  'Designing dynamic research contests'.
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Content: Updated Version
Filetype: PDF (Revised version August 2019)
Size: 608kB