The Role of Budget Constraints in Sequential Elimination Tournaments*
研究了预算约束如何影响序贯淘汰赛中参赛者的努力投入，发现预算约束对无约束参赛者的初始努力有相反的双重效应，导致非单调变化，且适度不对称可能提高总努力。
Abstract We study how budget constraints affect effort provision in sequential elimination tournaments. Our main result is that the introduction of budget constraints has two opposing effects on the initial effort of the unconstrained contestants, and leads to a non‐monotonicity of this effort. This implies that if the budget asymmetry is not too large, total first‐stage effort from unconstrained contestants is larger than in the case with unconstrained contestants only. We also provide evidence that total first‐stage effort and total effort from unconstrained contestants might be larger in an asymmetric contest.