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First and Second Prizes in Imperfectly Discriminating Contests

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  • Szymanski, Stefan
  • Valletti, Tommaso

Abstract

Most of the contest literature deals with first prizes; this Paper deals with the optimality of second prizes. We show that in a three-person contest where one contestant is very strong a second prize can be optimal from the point of view of eliciting maximum effort from every contestant. Moreover, we consider the desirability of second prizes from the point of view of competitive balance, which matters for contests such as sports competitions.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4484.

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Date of creation: Jul 2004
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Handle: RePEc:cpr:ceprdp:4484

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Related research

Keywords: imperfectly discriminating (logit) contests; prizes;

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Cited by:
  1. Frode Meland & Odd Straume, 2007. "Outsourcing in contests," Public Choice, Springer, Springer, vol. 131(3), pages 315-331, June.
  2. Guido Ascari & Philippe Gagnepain, 2007. "Evaluating Rent Dissipation in the Spanish Football Industry," Post-Print hal-00622841, HAL.
  3. Sela, Aner, 2009. "Best-of-Three All-Pay Auctions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 7224, C.E.P.R. Discussion Papers.
  4. Cohen, Chen & Sela, Aner, 2008. "Allocation of prizes in asymmetric all-pay auctions," European Journal of Political Economy, Elsevier, vol. 24(1), pages 123-132, March.
  5. Stefan Szymanski, 2003. "The Economic Design of Sporting Contests," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1137-1187, December.
  6. Cohen, Chen & Sela, Aner, 2005. "Allocation of Prizes in Asymmetric All-Pay Auctions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4951, C.E.P.R. Discussion Papers.

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