239M-B *The Limits of Meritocracy [PDF/EPub] by Mr.John Morgan

3184M-B8Dw49 - Read and download Mr.John Morgan's book The Limits of Meritocracy in PDF, EPub, Mobi, Kindle online. Free book The Limits of Meritocracy by Mr.John Morgan.

The Limits of Meritocracy

by Mr.John Morgan

Synopsis: We show that too much meritocracy, modeled as accuracy of performance ranking in contests, can be a bad thing: in contests with homogeneous agents, it reduces output and is Pareto inefficient. In contests with sufficiently heterogeneous agents, discouragement and complacency effects further reduce the benefits of meritocracy. Perfect meritocracy may be optimal only for intermediate levels of heterogeneity.