近日，北京大学市场经济研究中心研究员吴泽南副教授与合作者的研究成果《Centralized versus decentralized contests with risk-averse players》在国际期刊《Economics Letters》2020年1月刊正式发表。

　　Abstract: We compare the total effort of centralized single-prize contests and decentralized single-prize contests, assuming risk-averse contestants. Decentralized contests outperform centralized contests when contestants are prudent and sufficiently risk averse. However, decentralized contests are never optimal if the designer can arrange centralized multi-prize contests. Contestants’ welfare is also discussed.