We examine the effects of endogenous sequences on the fairness in round-robin tournaments with four players, multiple prizes, and general contest technologies. A tournament is called horizontally ex-ante fair if symmetric contestants have the same expected payoffs (odds) before the tournament...

We empirically test whether executives' increases in base salary when promoted to CEO result from the wage bids of competing firms (i.e., "market-based tournaments") or from the strategic choices of the firm's board of directors to elicit optimal executive incentives (i.e., "classic...

This paper investigates how exploited noise trading behavior is influenced by limited attention. As the daily price limit rules of the Chinese stock market provide a scenario for the exhibition of salient payoffs, speculators elevate prices to attract noise traders with salience preferences into...

The standard extensive-form partitional representation of information in sequential games fails to distinguish the description of the rules of interaction from the description of players' personal traits. Indeed, such representation does not model how the information given to players as per the...