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The Limits of Meritocracy

The Limits of Meritocracy PDF Author: Mr.John Morgan
Publisher: International Monetary Fund
ISBN: 1484382528
Category : Business & Economics
Languages : en
Pages : 87

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Book Description
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.