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Comparative Statics of Contests and Rent-Seeking Games

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  • Nti, Kofi O
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    Abstract

    This paper develops the comparative statics properties of a contest encountered in patent races and rent-seeking games. The author shows that symmetric equilibrium expenditure and profit per player decrease with the number of competitors and the discount rate but increase with the value of the prize. A fundamental lemma established in the paper shows that a stability condition usually imposed on the model is automatically satisfied. The author identifies a class of likelihood or hazard rate functions for which aggregate expenditure increases with the number of competitors and total profits converge to zero. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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    Bibliographic Info

    Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

    Volume (Year): 38 (1997)
    Issue (Month): 1 (February)
    Pages: 43-59

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    Handle: RePEc:ier:iecrev:v:38:y:1997:i:1:p:43-59

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    Cited by:
    1. Gil S. Epstein & Shmuel Nitzan, 2002. "Politics of Randomness," CESifo Working Paper Series 803, CESifo Group Munich.
    2. Richard Cornes & Roger Hartley, 2002. "Asymmetric Contests with General Technologies," Keele Economics Research Papers KERP 2002/22, Centre for Economic Research, Keele University.
    3. Alex Robson, 2005. "Multi-Item Contests," ANU Working Papers in Economics and Econometrics 2005-446, Australian National University, College of Business and Economics, School of Economics.
    4. Siebert, Ralph & Graevenitz, Georg von, 2006. "How Licensing Resolves Hold-Up: Evidence from a Dynamic Panel Data Model with Unobserved Heterogeneity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 105, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    5. Siebert, Ralph & Graevenitz, Georg von, 2006. "Jostling for Advantage: Licensing and Entry into Patent Portfolio Races," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 184, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    6. Shmuel Nitzan & Kobi Kriesler, 2010. "The Effect of Limited Search Ability on the Quality of Competitive Rent-Seeking Clubs," Working Papers 2010-06, Department of Economics, Bar-Ilan University.
    7. Skaperdas, S. & Syropoulos, C., 1998. "Complementarity in Contests," Papers 97-98-21, California Irvine - School of Social Sciences.
    8. Yildirim, Huseyin, 2005. "Contests with multiple rounds," Games and Economic Behavior, Elsevier, vol. 51(1), pages 213-227, April.
    9. S. Keith Berry, 2006. "Firm Incentives for Invention Prizes with Multiple Winners," Eastern Economic Journal, Eastern Economic Association, vol. 32(1), pages 83-95, Winter.
    10. Gil Epstein & Igal Milchtaich & Shmuel Nitzan & Mordechai Schwarz, 2007. "Ambiguous political power and contest efforts," Public Choice, Springer, vol. 132(1), pages 113-123, July.

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