Year of Graduation
This paper is devouted to the analysis of rank-order tournaments for three agents both under risk-neutrality and risk-aversion, it also touches on the more general setting with N agents. The research was based mainly on the famous work of Lasear and Rosen (1981), that effectively established the theory of rank-order tournaments. It was developed in parallel with more recent work of Akerlof and Holden (2012), though having slightly different objectives. Main results confirm findings of Lasear and Rosen and add some new insights.