The Role of Budget Constraints in Sequential Elimination Tournaments

We study how budget constraints affect effort provision in sequential elimination tournaments. Our main result is that introducing has two opposing effects on the unconstrained contestants' initial and leads to a non-monotonicity of this effort. This implies if asymmetry not too large, total first-stage from contestants larger than case with only. also provide evidence may be an asymmetric contest. article protected by copyright. All rights reserved.