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On the Survival of Payoff Maximizing Behavior and Delegation in Contests

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Author Info

  • Alex Possajennikov

    ()
    (University of Nottingham)

Abstract

The evolutionary stability of payoff-maximizing preferences in the model of indirect evolution in symmetric games depends on the slope of the reaction function being zero at equilibrium. The application of this result to contests confirms that in two-player contests the optimal delegation involves giving the agent incentives to maximize principal's payoff while in contests with more than two players incentives will be different from principal's payoff maximization. Further examples are also discussed.

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Bibliographic Info

Paper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2008-15.

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Date of creation: Dec 2008
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Handle: RePEc:not:notcdx:2008-15

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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
Phone: (44) 0115 951 5620
Fax: (0115) 951 4159
Web page: http://www.nottingham.ac.uk/economics/cedex/
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Keywords: delegation; indirect evolution; contests;

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Cited by:
  1. Alex Possajennikov, . "Commitment in Symmetric Contests," Discussion Papers 08/13, University of Nottingham, School of Economics.

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