This paper considers sequential auctions where an individual's value for a bundle of objects is either greater than the sum of the values for the objects separately (positive synergy) or less than the sum (negative synergy). The authors show that the existence of positive synergies implies...

Purpose – The purpose of this paper is to examine the tournament hypothesis in the UK mutual fund market. Based on a previous US study, fund managers were expected to alter risk‐taking behaviour in response to their performance relative to competing fund managers. Design/methodology/approach...