Arbeitspapier
Competitive problem solving and the optimal prize schemes
Agents compete to solve a problem. Each agent knows own computational capacity as private information and simultaneously chooses either a risky or a safe problem solving method. This paper analyzes the optimal prize schemes from the perspective of the prize designer who wishes to find a solution as quick as possible. It is shown that (i) the winner-take-all scheme can induce excessive risk taking and make problem solving slower (ii) prize schemes with milder competitive pressure induce the optimal risk taking and quicker problem solving.
- Language
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Englisch
- Bibliographic citation
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Series: Jena Economic Research Papers ; No. 2010,083
- Classification
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Wirtschaft
Asymmetric and Private Information; Mechanism Design
- Subject
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optimal prize scheme
risk taking
problem solving
Wettbewerb
Anforderungsprofil
Ökonomischer Anreiz
Risikopräferenz
Theorie
- Event
-
Geistige Schöpfung
- (who)
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Suzuki, Toru
- Event
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Veröffentlichung
- (who)
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Friedrich Schiller University Jena and Max Planck Institute of Economics
- (where)
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Jena
- (when)
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2010
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Suzuki, Toru
- Friedrich Schiller University Jena and Max Planck Institute of Economics
Time of origin
- 2010
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