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Contests with three or more heterogeneous agents

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  • Parreiras, Sérgio O.
  • Rubinchik, Anna

Abstract

We study monotone equilibrium behavior in contests with observable effort (bid) where three or more participants have distinct risk attitudes and the monetary value for the prize of each is drawn independently from a distinct distribution. These differences can either cause a player to drop out, that is always choose zero effort regardless of his valuation, or use "all-or-nothing" strategies with discontinuous effort choice. Neither complete drop-out nor discontinuous bidding with finitely many gaps is consistent with pure strategy monotone Bayesian-Nash equilibrium in a contest with either ex-ante identical players or only two distinct participants.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 68 (2010)
Issue (Month): 2 (March)
Pages: 703-715

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Handle: RePEc:eee:gamebe:v:68:y:2010:i:2:p:703-715

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Web page: http://www.elsevier.com/locate/inca/622836

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References

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  1. Amann, Erwin & Leininger, Wolfgang, 1996. "Asymmetric All-Pay Auctions with Incomplete Information: The Two-Player Case," Games and Economic Behavior, Elsevier, vol. 14(1), pages 1-18, May.
  2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  3. Gadi Fibich & Arieh Gavious & Aner Sela, 2006. "All-pay auctions with risk-averse players," International Journal of Game Theory, Springer, vol. 34(4), pages 583-599, November.
  4. Baye, M.R. & Kovenock, D. & De Vries, C.G., 1992. "Rigging the Lobbying Process: An Application of the All- Pay Auction," Papers 9-92-2, Pennsylvania State - Department of Economics.
  5. Edward P. Lazear & Sherwin Rosen, 1979. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc.
  6. Arye L. Hillman & John G. Riley, 1989. "Politically Contestable Rents And Transfers," Economics and Politics, Wiley Blackwell, vol. 1(1), pages 17-39, 03.
  7. Lebrun, Bernard, 1999. "First Price Auctions in the Asymmetric N Bidder Case," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(1), pages 125-42, February.
  8. repec:wop:humbsf:2000-72 is not listed on IDEAS
  9. Maskin, Eric & Riley, John, 2000. "Asymmetric Auctions," Review of Economic Studies, Wiley Blackwell, vol. 67(3), pages 413-38, July.
  10. Schotter, Andrew & Weigelt, Keith, 1992. "Asymmetric Tournaments, Equal Opportunity Laws, and Affirmative Action: Some Experimental Results," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 511-39, May.
  11. Muriel Niederle & Lise Vesterlund, 2007. "Do Women Shy Away from Competition? Do Men Compete Too Much?," The Quarterly Journal of Economics, MIT Press, vol. 122(3), pages 1067-1101, 08.
  12. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521536721, October.
  13. Uri Gneezy & Muriel Niederle & Aldo Rustichini, 2003. "Performance In Competitive Environments: Gender Differences," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1049-1074, August.
  14. Athey, S., 1997. "Sigle Crossing Properties and the Existence of Pure Strategy Equilibria in Games of Incomplete Information," Working papers 97-11, Massachusetts Institute of Technology (MIT), Department of Economics.
  15. Vijay Krishna & John Morgan, 1994. "An Analysis of the War of Attrition and the All-Pay Auction," Game Theory and Information 9409002, EconWPA.
  16. Ron Siegel, 2009. "All-Pay Contests," Econometrica, Econometric Society, vol. 77(1), pages 71-92, 01.
  17. Noussair, Charles & Silver, Jonathon, 2006. "Behavior in all-pay auctions with incomplete information," Games and Economic Behavior, Elsevier, vol. 55(1), pages 189-206, April.
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Citations

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Cited by:
  1. Rene Kirkegaard, 2010. "Incomplete Information and Rent Dissipation in Deterministic Contests," Working Papers 1012, University of Guelph, Department of Economics and Finance.
  2. Kirkegaard, René, 2012. "Favoritism in asymmetric contests: Head starts and handicaps," Games and Economic Behavior, Elsevier, vol. 76(1), pages 226-248.
  3. Fibich, Gadi & Oren, Gal, 2014. "An elementary proof of the common maximal bid in asymmetric first-price and all-pay auctions," Economics Letters, Elsevier, vol. 122(2), pages 190-191.
  4. Todd R. Kaplan & Shmuel Zamir, 2014. "Advances in Auctions," Discussion Papers 1405, Exeter University, Department of Economics.
  5. Ron Siegel, 2010. "Asymmetric Contests with Conditional Investments," American Economic Review, American Economic Association, vol. 100(5), pages 2230-60, December.
  6. Seel, Christian, 2013. "The Value of Information in Asymmetric All-Pay Auctions," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79930, Verein für Socialpolitik / German Economic Association.
  7. Thomas Giebe & Paul Schweinzer, 2013. "All-pay-all Aspects of Political Decision Making," CESifo Working Paper Series 4330, CESifo Group Munich.
  8. Kirkegaard, René, 2013. "Handicaps in incomplete information all-pay auctions with a diverse set of bidders," European Economic Review, Elsevier, vol. 64(C), pages 98-110.
  9. Minoru Kitahara & Ryo Ogawa, 2010. "All-Pay Auctions with Handicaps," ISER Discussion Paper 0781, Institute of Social and Economic Research, Osaka University, revised Jun 2010.

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