We study talent-based contests with endogenous entry where an agent’s talent or ability purely determines the outcome. Entry is costly but worthwhile if there is a sufficient probability of winning the prize. Entrants differ in ability, which is private information. The distribution from which a player’s ability is drawn is common knowledge. We restrict attention to Bayesian Nash equilibria in cautiously rationalizable strategies.
This paper offers a much simplified, yet at the same time, a lot more general model that not only reproduces the major insights emerging from the recent literature of trade with heterogeneous firms, yet at the same time goes much beyond. The paper helps streamline the key driving force behind the established insights while teasing out some of the unnecessary and complicating details in the existing literature. We show that the key driving force is that trade reallocates resources from less productive firms to more productive firms at the margin.
The Silk Road is often idealized, conjuring up romantic visions of caravans laded with exotic silks and aromatic spices. The glamorous version of the Silk Road persists because at least one unsavory aspect of the trade, slavery, has received little scholarly attention. In this lecture, Professor Jonathan Skaff presents a rare glimpse of the eastern slave trade from Chinese-language contracts and travel permits that have survived at the Silk Road oasis city of Turfan in modern Xinjiang.
Lecture Speaker Biography:
The Center for Global Asia at NYU Shanghai serves as the hub within the NYU Global Network University system to promote the study of Asian connections and comparisons, both historical and contemporary. The inaugural annual conference of the Center will focus on China’s place in intra-Asian interactions and the issues of conceptualizing, researching, and teaching Asia.
Visiting Professor of Mathematics at NYU Shanghai
Visiting Associate Professor of Management and Organizations
Chia-Jung Tsay is a Visiting Associate Professor of Management and Organizations at NYU Shanghai and an Associate Professor of Organizational Behavior at the UCL School of Management. Her research examines the psychological processes that influence decision making and interpersonal perception in performance contexts. She investigates the role of expertise and nonconscious biases in professional selection and advancement.
Assistant Professor Faculty Fellow of Philosophy
Lu Teng is an Assistant Professor Faculty Fellow of Philosophy at NYU Shanghai. From September 2016 to August 2017, she was also a Postdoctoral Fellow at the Center for Philosophical Psychology at University of Antwerp. She holds a Ph.D. from Cornell University and a B.A. from Wuhan University.