Tullock and Hirshleifer: a meeting of the minds
AbstractWe introduce the serial contest by building on the desirable properties of two prominent contest games. This family of contest games relies both on relative efforts (as Tullock's proposal) and on absolute effort differences (as difference-form contests). An additional desirable feature is that the serial contest is homogeneous of degree zero in contestant's efforts. The family is characterized by a parameter representing how sensitive the outcome is to contestants' efforts. It encompasses as polar cases the (fair) lottery and the (deterministic) all-pay auction. Equilibria have a close relationship to those of the (deterministic) all-pay auction and important properties of the latter hold for the serial contest, too.
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Bibliographic InfoArticle provided by Springer in its journal Review of Economic Design.
Volume (Year): 11 (2007)
Issue (Month): 2 (September)
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Web page: http://link.springer.de/link/service/journals/10058/index.htm
Other versions of this item:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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