The lifeboat problem
AbstractWe study an all-pay contest with multiple identical prizes (“lifeboat seats”). Prizes are partitioned into subsets of prizes (“lifeboats”). Players play a two-stage game. First, each player chooses an element of the partition (“a lifeboat”). Then each player competes for a prize in the subset chosen (“a seat”). We characterize and compare the subgame perfect equilibria in which all players employ pure strategies or all players play identical mixed strategies in the first stage. The partitioning of prizes can lead to coordination failure when players employ nondegenerate mixed strategies. In these equilibria some rents are sheltered and rent dissipation is reduced.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 56 (2012)
Issue (Month): 3 ()
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All-pay contest; Multiple prizes; Rent dissipation; Lifeboat;
Other versions of this item:
- Konrad, Kai A. & Kovenock, Dan, 2011. "The lifeboat problem," Discussion Papers, Research Professorship & Project "The Future of Fiscal Federalism" SP II 2011-106, Social Science Research Center Berlin (WZB).
- Konrad, Kai A. & Kovenock, Dan, 2009. "The Lifeboat Problem," CEPR Discussion Papers 7424, C.E.P.R. Discussion Papers.
- Kai A. Konrad & Dan Kovenock, 2011. "The Lifeboat Problem," Working Papers the_lifeboat_problem, Max Planck Institute for Tax Law and Public Finance.
- Konrad, Kai A. & Kovenock, Dan, 2012. "The lifeboat problem," Munich Reprints in Economics 13962, University of Munich, Department of Economics.
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
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