Header

UZH-Logo

Maintenance Infos

Designing dynamic research contests


Benkert, Jean-Michel; Letina, Igor (2018). 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 prizes, which are paid while the contest is ongoing, to an otherwise standard setting. We show that an interim-prize contest where (i) a constant interim prize is paid in each period while the contest is ongoing, (ii) if the contest is stopped, a final prize is paid, is optimal for the principal and implements the first-best. When the principal is constrained by an exogenous deadline, a generalized interim-prize contest, where the interim prize and the number of agents change over time, is optimal.

Abstract

This paper studies the optimal design of dynamic research contests. We introduce interim prizes, which are paid while the contest is ongoing, to an otherwise standard setting. We show that an interim-prize contest where (i) a constant interim prize is paid in each period while the contest is ongoing, (ii) if the contest is stopped, a final prize is paid, is optimal for the principal and implements the first-best. When the principal is constrained by an exogenous deadline, a generalized interim-prize contest, where the interim prize and the number of agents change over time, is optimal.

Statistics

Downloads

23 downloads since deposited on 27 Sep 2016
14 downloads since 12 months
Detailed statistics

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
Language:English
Date:August 2018
Deposited On:27 Sep 2016 09:28
Last Modified:19 Sep 2018 12:59
Series Name:Working paper series / Department of Economics
Number of Pages:32
ISSN:1664-7041
Additional Information:Revised version
OA Status:Green
Official URL:http://www.econ.uzh.ch/static/wp/econwp235.pdf
Related URLs:http://www.econ.uzh.ch/static/workingpapers.php

Download

Content: Published Version
Filetype: PDF (Version September 2016) - Registered users only
Size: 548kB
Download PDF  'Designing dynamic research contests'.
Preview
Content: Updated Version
Filetype: PDF (Revised version August 2018)
Size: 559kB