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First and Second Prizes in Imperfectly Discriminating Contests

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Author Info
Szymanski, Stefan
Valletti, Tommaso

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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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Publisher 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;

Find related papers by JEL classification:
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

Cited by:
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  1. Frode Meland & Odd Rune Straume, 2006. "Outsourcing in Contests," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Cohen, Chen & Sela, Aner, 2005. "Allocation of Prizes in Asymmetric All-Pay Auctions," CEPR Discussion Papers 4951, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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This page was last updated on 2009-10-29.

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