In a winner-take-all market,
small differences in ability get translated into big
differences of income.
income is determined by average productivity.
comparable worth determines the amount
the criteria for justice set out by
John Rawls are met.
The argument that winner-take-all
competitions tend to attract too many applicants is based
assumption that people are not
assumption that people like risk.
fact that marginal values lie below
average values when average values are falling.
tendency for the winner to capture only a fraction of
the total value of the position.