标题： 奖品的心理学：损失厌恶与最优竞赛奖励 显示英文标题

标题： The psychology of prizes: Loss aversion and optimal tournament rewards

摘要： 我们研究了在损失厌恶代理人的排序竞赛中奖金的最优分配。 由于更公平的奖金可以减少预期损失的边际心理成本，奖金分享随着损失厌恶而变得更加最优。 此外，如果奖金足够公平，损失厌恶可以提高努力程度，否则努力会随着损失厌恶而下降。 总体而言，这些结果支持对竞争性奖励进行更公平的分配。 一个双赢的情况是，在损失中性情况下，最优奖金也是公平的，在这种情况下，委托人受益于代理人的损失厌恶。 显示英文摘要

摘要： We study the optimal allocation of prizes in rank-order tournaments with loss averse agents. Prize sharing becomes increasingly optimal with loss aversion because more equitable prizes reduce the marginal psychological cost of anticipated losses. Furthermore, loss aversion can boost effort if prizes are sufficiently equitable, but otherwise effort declines with loss aversion. Overall, these results give credence to more equitable allocations of competitive rewards. A win-win scenario is where optimal prizes are equitable even under loss neutrality, in which case the principal benefits from agents' loss aversion.