Managers often use tournaments which motivate workers to compete for the top, compete to avoid the bottom, or both. In this paper we compare the e¤ectiveness and e¢ ciency of the corresponding incentive schemes. To do so, we utilize optimal contracts in a principal-agent setting, using a Lazear-Rosen type model that predicts equal e¤ort and e¢ ciency levels for the three mechanisms with the app...

In an experiment comparing related two-person bargaining and multiperson market environments in Israel, Japan, the United States, and Yugoslavia, market outcomes converged to equilibrium everywhere, and there were no payoff-relevant differences among countries. However, bargaining outcomes were everywhere different from the equilibrium predictions (both in observed agreements and in the substan...

We study the rationality of learning and the biases in expectations in the Iowa Experimental Markets. Using novel tests developed in (Bossaerts, P., 1996. Martingale restrictions on equilibrium security prices under rational expectations and consistent beliefs. Caltech working paper; Bossaerts, P., 1997. The dynamics of equity prices in fallible markets. Caltech working paper), learning in the ...

Solvated fullerenes recently have been shown to exhibit novel compression behaviors compared with the pristine fullerenes. However, less attention has been focused on the large cage endohedral metallofullerenes. Here, we have firstly synthesized solvated Sm@C90 microrods by a solution drop-drying method, and then studied the transformations under high pressure. The pressure-induced structural e...

We report the results of 18 market experiments that were conducted in order to compare the call market, the continuous auction and the dealer market. Transaction prices in the call and continuous auction markets are much more e$cient than prices in the dealer markets. The call market shows a tendency towards underreaction to new information. Execution costs are lowest in the call market and hig...

Impact tests were conducted using a specially made drop hammer impact device on concrete specimens (C60–C90) containing lean iron ore from mine waste as coarse aggregate to realize enhanced resistance in applications such pile driving. also equivalent conventional limestone for comparison. The statistical analysis results show that the number of impacts at initial and final cracking conformed W...

We have designed and implemented a set of highly efficient and highly scalable algorithms for an unstructured computational package, the PSAS data assimilation package, as demonstrated by detailed performance analysis of systematic runs on up to 512-node Intel Paragon. The preconditioned Conjugate Gradient solver achieves a sustained 18 Gflops performance. As the results, we achieved an unprece...

The Swedish Meterological and Hydrological Institute (SMHI) makes daily forecasts of temperature, salinity, water level, and ice conditions in the Baltic Sea. These forecasts are based on data from a High Resolution Operational Model for the Baltic (HIROMB). This application has been parallelized and ported from a CRAY C90 to a CRAY T3E. Our parallelization strategy is based on a subdivision of...