every period while the contest is ongoing, to an otherwise standard setting. We show that a contest where: (i) the principal … can stop the contest in any period, (ii) a constant interim transfer is paid to agents in each period while the contest is … ongoing, and (iii) a final prize is paid once the principal stops the contest, is optimal for the principal and implements the …

competitors and in the process of competition. They have to, because their traditional procedures lose market share and legitimacy …

-price auction. Before the contest, a fixed number of innovators is selected in an entry auction, in order to address the adverse …