Awarding a grand prize to the player who wins most often in a series of contests links the contests together and makes … incentives in the current contest depend on past performance. A lucky player who wins early faces relatively stronger economic … this argument and assesses it empirically using data from the Professional Golfers' Association Tour, before and after a …

characterize this function as deterring opportunistic behavior by producers and processors operating under forward contracts. We … then examine actual contracts of bargaining cooperatives and argue that certain clauses in these contracts serve to … guarantee the market. These clauses are those that provide for mechanical or third-party grading, liquidated damages, and most …

are severely handicapped. Our model provides useful insight into contests to become CEO and rationalizes empirical … can reduce the ability of future CEOs and, hence, future profits. The trade-off between providing current incentives and … the contest. However, if outsiders are sufficiently better than insiders, selection dominates and it is the insiders who …

insiders are more comparable to each other and less comparable to outsiders, and where there are more inside candidates. Using … successions in large U.S. firms over the 1974-1995 period and find a variety of evidence consistent with these implications of …