We consider n firms which choose rent-seeking expenditures sequentially, each player anticipating the rent-seeking expenditures that will be made by later movers. We find that the earlier movers need not make larger profits than later movers, and that aggregate profits are lower than in a game...

Consider a government that adopts a program, sees a noisy signal about its success, and decides whether to continue the program. Suppose further that the success of a program is greater if people think it will be continued. This paper considers outcomes when government cannot commit. We find...

Consider a government that adopts a program, sees a noisy signal about its success, and decides whether to continue the program. Suppose further that the success of a program is greater if people think it will be continued. This paper considers outcomes when government cannot commit. The authors...

Consider a government that adopts a program, sees a noisy signal about its success, and decides whether to continue the program. Suppose further that the success of a program is greater if people think it will be continued. This paper considers the optimal decision rule for continuing the...

Firms frequently use contests to compensate their employees: an employee's pay depends on the ranking of his output compared to that of others, rather than on the absolute level of his output. This paper analyzes the design of a contest which maximizes the contestants' expected aggregate output...