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Beautiful Game Theory by Ignacio Palacios-Huerta

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8

MAKING THE BEAUTIFUL GAME A BIT LESS BEAUTIFUL

(with Luis Garicano)

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© TAWNG/STOCKFRESH

I do not, however, deny that I planned sabotage. I did not plan it in a spirit of recklessness, nor because I have any love of violence. I planned it as a result of calm and sober assessment.

—NELSON MANDELA’S STATEMENT AT THE OPENING OF THE DEFENSE CASE IN THE RIVONIA TRIAL (PRETORIA SUPREME COURT, APRIL 20, 1964)

STRONG INCENTIVES OFTEN HAVE DYSFUNCTIONAL CONSEQUENCES. CIA FIELD agents rewarded on the number of spies recruited fail to invest in developing high-quality spies (WMD Commission Report 2005, p. 159). Civil servants rewarded on outcomes in training ...

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