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Asymmetric All-Pay Contests with Heterogeneous

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  • Jun Xiao
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Abstract

This paper studies complete-information, all-pay contests with asymmetric players competing for multiple heterogeneous prizes. In these contests, each player chooses a performance level or score. The first prize is awarded to the player with the highest score,the second,less valuable prize to the player with the second highest score, etc. Players are asymmetric in that they incur di¤erent costs of score. The players are assumed to have ordered marginal costs, and the prize sequence is assumed to be either quadratic or geometric. I show that each such contest has a unique Nash equilibrium and exhibit an algorithm that constructs the equilibrium. I then apply the main result to study: (a) the issue of tracking students in schools, (b) the incentive e¤ects of superstars,and (c)the optimality of winner-take-all contests.

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File URL: http://fbe.unimelb.edu.au/__data/assets/pdf_file/0006/784311/1151.pdf
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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 1151.

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Length: 58 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:mlb:wpaper:1151

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Keywords: all-pay; contest; asymmetric; heterogeneous;

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References

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  1. Dan Kovenock & Michael R. Baye & Casper G. de Vries, 1996. "The all-pay auction with complete information (*)," Economic Theory, Springer, vol. 8(2), pages 291-305.
  2. Jeremy Bulow & Jonathan Levin, 2006. "Matching and Price Competition," American Economic Review, American Economic Association, vol. 96(3), pages 652-668, June.
  3. Konrad, Kai A., 2009. "Strategy and Dynamics in Contests," OUP Catalogue, Oxford University Press, number 9780199549603, September.
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Cited by:
  1. Julio González-Díaz & Ron Siegel, 2013. "Matching and price competition: beyond symmetric linear costs," International Journal of Game Theory, Springer, vol. 42(4), pages 835-844, November.

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