We use an experiment to study the effect of ex-post sharing rules on relationship-specific investments in an incomplete contracting context. We find that no power structure can induce first-best investments and that equally productive partners reach more efficient outcomes with a balanced power...

This paper investigates the hypothesis that the objective function of economic agents is non-separable in economic incentives and social preferences. We study fixed-prize contests in a 2×2 experimental design, varying orthogonally the degree of competition of the incentive mechanism (all-pay...

We conduct a real effort experiment in which performance is not monitored and participants are paid according to their reported performance. Participants are paid according to a piece rate and a winner-take-all tournament and then select between the two schemes before performing the task one...

This paper shows how to maximize revenue when a contest is noisy. We consider a case where two or more contestants bid for a prize in a stochastic contest where all bidders value the prize equally. We show that, whenever a Tullock contest yields under-dissipation, the auctioneerʼs revenue can...

We propose a new game theoretic approach to modeling large elections that overcomes the "paradox of voting" in a costly voting framework, without reliance on the assumption of ad hoc preferences for voting. The key innovation that we propose is the adoption of a "smooth" policy rule under which...

This paper presents an experimental comparison of single and multiple-prize all-pay auctions as fundraising mechanisms to finance public goods. We consider a setting characterized by heterogenous incomes and incomplete information, where single and multiple-prize incentive mechanisms are...

"We propose a new game theoretic approach to modeling large elections that overcomes the "paradox of voting" in a costly voting framework, without reliance on the assumption of ad hoc preferences for voting. The key innovation that we propose is the adoption of a "smooth" policy rule under which...