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Don't have any salary caps at all? >> no, of course not. because winning is everything. and it's the same thing. they want to be richer. what matters is the rank. >> and this incentive issue is what you're finding throughout your research, that incentives in classical economic theory in the real world don't work the way we might think they do. for example, the argument about welfare disincentivizing people, they won't try to work if you give them welfare. what did you find about that? >> similarly they don't stop working if there are no incentives for them to work. it's been demonstrated in co...

Don't have any salary caps at all. >> no, of course not. because winning is everything. and it's the same thing among ceos. what matters is the rank. >> and this incentive issue is what you're finding throughout your research. that incentives in -- in classical economic theory don't work the way we might think they do. for example, the argument about welfare, disincentivizing people. they won't try to work if you give them welfare. what did you find about that? >> similarly, the poor also don't stop working if there are no incentives for them to work. that's also an illusion. for example, when...

That news report. teams in the united states versus europe, where there are no salary caps. and that may have been just been and you don't see any effort that he was surprised. how does it affect you when you difference in the salary capped hear testimony like this? players versus the players who >> this is astounding if you think about it. don't have any salary caps at the president is protecting all? >> of course not because winning russia, it appears to be the is everything. case, at the expense of an ally, and it's the same thing among ceos. all they want is to be richer ukraine. and he's ...

From observing the world. you'll actually looked at salary caps on professional athletic teams in the united states versus europe where there are no salary caps, and you don't see any effort difference in the salary capped players versus the players that don't have any salary caps at all. >> no, of course not because winning is everything. and it's the same thing amongst ceos. all they want to do is be richer than their friend ceos. the level doesn't matter, what matters is the rank. >> this incentive issue is what you're finding throughout your research. incentives in classic economical theor...