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Innovation Tournaments with Multiple Contributors

Ales, L; Cho, SH; Körpeoğlu, E; (2021) Innovation Tournaments with Multiple Contributors. Production and Operations Management , 30 (6) pp. 1772-1784. 10.1111/poms.13342. Green open access

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Abstract

This study examines innovation tournaments in which an organizer seeks solutions to an innovation‐related problem from a number of agents. Agents exert effort to improve their solutions but face uncertainty about their solution performance. The organizer is interested in obtaining multiple solutions—agents whose solutions contribute to the organizer’s utility are called contributors. Motivated by mixed policies observed in practice, where some tournaments are open and others restrict entry, we study when it is optimal for the organizer to conduct an open tournament or to restrict entry. Our analysis shows that whether an open tournament is optimal is tied to: (1) the variance of uncertainty as compared to the impact of effort; (2) the number of contributors, and (3) the skewness of the uncertainty distribution. Our results help explain mixed policies about restricting entry observed in practice as well as recent empirical and experimental findings.

Type: Article
Title: Innovation Tournaments with Multiple Contributors
Open access status: An open access version is available from UCL Discovery
DOI: 10.1111/poms.13342
Publisher version: https://doi.org/10.1111/poms.13342
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher's terms and conditions.
Keywords: contest, crowdsourcing, incentive, online platforms, technology, uncertainty
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > UCL School of Management
URI: https://discovery.ucl.ac.uk/id/eprint/1474390
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