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Multiple equilibria in Tullock contests

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  • Chowdhury, Subhasish M.
  • Sheremeta, Roman M.

Abstract

We find the sufficient conditions for the existence of multiple equilibria in Tullock-type contests, and show that asymmetric equilibria arise even under symmetric prize and cost structures. We then present existing contests where multiple equilibria exist under reasonably weak conditions.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 112 (2011)
Issue (Month): 2 (August)
Pages: 216-219

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Handle: RePEc:eee:ecolet:v:112:y:2011:i:2:p:216-219

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Rent-seeking Contest Asymmetric equilibrium Multiple equilibria;

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References

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  1. Paul, Chris & Wilhite, Al, 1990. " Efficient Renk-Seeking under Varying Cost Structures," Public Choice, Springer, vol. 64(3), pages 279-90, March.
  2. Christian Riis & Derek J. Clark, 1997. "Contest success functions: an extension," Economic Theory, Springer, vol. 11(1), pages 201-204.
  3. Amegashie, J Atsu, 1999. " The Number of Rent-Seekers and Aggregate Rent-Seeking Expenditures: An Unpleasant Result," Public Choice, Springer, vol. 99(1-2), pages 57-62, April.
  4. Cohen, Chen & Sela, Aner, 2005. "Manipulations in contests," Economics Letters, Elsevier, vol. 86(1), pages 135-139, January.
  5. Mark Gradstein, 1995. "Intensity Of Competition, Entry And Entry Deterrence In Rent Seeking Contests," Economics and Politics, Wiley Blackwell, vol. 7(1), pages 79-91, 03.
  6. Michael R. Baye & Dan Kovenock & Casper G. Vries, 2005. "Comparative Analysis of Litigation Systems: An Auction-Theoretic Approach," Economic Journal, Royal Economic Society, vol. 115(505), pages 583-601, 07.
  7. Richard Cornes & Roger Hartley, 2005. "Asymmetric contests with general technologies," Economic Theory, Springer, vol. 26(4), pages 923-946, November.
  8. Sheremeta, Roman & Chowdhury, Subhasish, 2010. "A generalized Tullock contest," MPRA Paper 52102, University Library of Munich, Germany.
  9. Matros, Alexander, 2012. "Sad-Loser contests," Journal of Mathematical Economics, Elsevier, vol. 48(3), pages 155-162.
  10. Alexander Matros & Daniel Armanios, 2007. "Tullock's Contest with Reimbursements," Working Papers 328, University of Pittsburgh, Department of Economics, revised Sep 2008.
  11. Stergios Skaperdas, 1996. "Contest success functions (*)," Economic Theory, Springer, vol. 7(2), pages 283-290.
  12. Baye, Michael R. & Hoppe, Heidrun C., 2003. "The strategic equivalence of rent-seeking, innovation, and patent-race games," Games and Economic Behavior, Elsevier, vol. 44(2), pages 217-226, August.
  13. Nti, Kofi O, 1999. " Rent-Seeking with Asymmetric Valuations," Public Choice, Springer, vol. 98(3-4), pages 415-30, March.
  14. Takeshi Yamazaki, 2008. "On the Existence and Uniqueness of Pure-Strategy Nash Equilibrium in Asymmetric Rent-Seeking Contests," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 10(2), pages 317-327, 04.
  15. Glazer, Amihai & Konrad, Kai A., 1999. "Taxation of rent-seeking activities," Journal of Public Economics, Elsevier, vol. 72(1), pages 61-72, April.
  16. Szidarovszky, Ferenc & Okuguchi, Koji, 1997. "On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games," Games and Economic Behavior, Elsevier, vol. 18(1), pages 135-140, January.
  17. Alexander Matros, 2006. "Sad-Loser Lottery," Working Papers 204, University of Pittsburgh, Department of Economics, revised Dec 2008.
  18. Chung, Tai-Yeong, 1996. " Rent-Seeking Contest When the Prize Increases with Aggregate Efforts," Public Choice, Springer, vol. 87(1-2), pages 55-66, April.
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Citations

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Cited by:
  1. J. Atsu Amegashie, 2012. "A Nested Contest: Tullock Meets the All-pay Auction," CESifo Working Paper Series 3976, CESifo Group Munich.
  2. Subhasish M. Chowdhury & Dongryul Lee & Roman M. Sheremeta, 2013. "Top Guns May Not Fire: Best-Shot Group Contests with Group-Specific Public Good Prizes," Working Papers 13-12, Chapman University, Economic Science Institute.
  3. Shupp, Robert & Sheremeta, Roman M. & Schmidt, David & Walker, James, 2013. "Resource allocation contests: Experimental evidence," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 257-267.
  4. Chowdhury, Subhasish & Sheremeta, Roman, 2014. "Strategically Equivalent Contests," MPRA Paper 55450, University Library of Munich, Germany.
  5. Sheremeta, Roman, 2013. "Overbidding and Heterogeneous Behavior in Contest Experiments," MPRA Paper 44124, University Library of Munich, Germany.
  6. Derek Clark & Tore Nilssen, 2013. "Learning by doing in contests," Public Choice, Springer, vol. 156(1), pages 329-343, July.
  7. Amegashie, J. Atsu, 2012. "A nested contest: Tullock meets the All-Pay Auction," MPRA Paper 41654, University Library of Munich, Germany, revised 03 Sep 2012.
  8. Matros, Alexander, 2012. "Sad-Loser contests," Journal of Mathematical Economics, Elsevier, vol. 48(3), pages 155-162.
  9. Ezra Einy & Ori Haimanko & Diego Moreno & Aner Sela & Benyamin Shitovitz, 2013. "Tullock Contests With Asymmetric Information," Working Papers 1303, Ben-Gurion University of the Negev, Department of Economics.
  10. Sean P. Hargreaves Heap & Abhijit Ramalingam & Siddharth Ramalingam & Brock V. Stoddard, 2013. "Inequality and Effort: An Experiment on Competition Between Teams," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) 13-08, School of Economics, University of East Anglia, Norwich, UK..
  11. Ezra Einy & Ori Haimanko & Diego Moreno & A. Sela & Benyamin Shitovitz, 2013. "Tullock contests with asymmetric information," Economics Working Papers we1314, Universidad Carlos III, Departamento de Economía.
  12. Einy, E & Haimanko, O & Moreno, D & Sela, A & Shitovitz, B, 2013. "Tullock Contests with Asymmetric Information," Discussion Papers 2013-11, Graduate School of Economics, Hitotsubashi University.

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