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Contests for Experimentation

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  • Marina Halac
  • Navin Kartik
  • Qingmin Liu

Abstract

We study contests for innovation with learning about the innovation’s feasibility and opponents’ outcomes. We characterize contests that maximize innovation when the designer chooses a prize-sharing scheme and a disclosure policy. A “public winner-takes-all” contest dominates public contests—where any success is immediately disclosed—with any other prize-sharing scheme as well as winner-takes-all contests with any other disclosure policy. Yet, jointly modifying prize sharing and disclosure can increase innovation. In a broad class of mechanisms, it is optimal to share the prize with disclosure following a certain number of successes; under simple conditions, a “hidden equal-sharing” contest is optimal.

Suggested Citation

  • Marina Halac & Navin Kartik & Qingmin Liu, 2017. "Contests for Experimentation," Journal of Political Economy, University of Chicago Press, vol. 125(5), pages 1523-1569.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/693040
    DOI: 10.1086/693040
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