摘要
Most of the studies analyzing the effectiveness of a tournament compensation style use data from an athletic context because data on an individual＇s income and output are easily available. While the papers illustrate a positive correlation between the level of prize money doled out by the event organizer and athletes＇ performances the impact of pay on productivity might be biased if other fixed and random components are neglected and left out in the athlete＇s output function. The aim of this paper is to analyze this bias empirically by using new and detailed information from 62 long-distance triathlon IRONMAN competitions around the world to reassess the motivational aspect of prize money, controlling for course and weather conditions. The results of the OLS data analysis indicate the persistence of the incentive effect provided by remuneration but this effect is mitigated when nature is controlled for.
