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Unifying Contests: from Noisy Ranking to Ratio-Form Contest Success Functions

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Author Info
Fu, Qiang
Lu, Jingfeng

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Abstract

This paper proposes a multi-winner noisy-ranking contest model. Contestants are ranked in a descending order by their perceived outputs, and rewarded by their ranks. A contestant's perceivable output increases with his/her autonomous effort, but is subject to random perturbation. We establish, under plausible conditions, the equivalence between our model and the family of (winner-take-all and multi-winner) lottery contests built upon ratio-form contest success functions. Our model thus provides a micro foundation for this family of often studied contests. In addition, our approach reveals a common thread that connects a broad class of seeming disparate competitive activities and unifies them in the nutshell of ratio-form success functions.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 6679.

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Date of creation: 2007
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Handle: RePEc:pra:mprapa:6679

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Related research
Keywords: Multi-Winner Contest Contest Success Function Noisy Ranking

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C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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  1. Clark, Derek J. & Riis, Christian, 1998. "Influence and the discretionary allocation of several prizes," European Journal of Political Economy, Elsevier, vol. 14(4), pages 605-625, November. [Downloadable!] (restricted)
  2. Edward P. Lazear & Sherwin Rosen, 1981. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Richard L. Fullerton & R. Preston McAfee, 1999. "Auctioning Entry into Tournaments," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 573-605, June. [Downloadable!] (restricted)
  4. Amegashie, J Atsu, 2000. " Some Results on Rent-Seeking Contests with Shortlisting," Public Choice, Springer, vol. 105(3-4), pages 245-53, December. [Downloadable!] (restricted)
  5. Benny Moldovanu & Aner Sela, 2001. "The Optimal Allocation of Prizes in Contests," American Economic Review, American Economic Association, vol. 91(3), pages 542-558, June. [Downloadable!] (restricted)
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  6. McFadden, Daniel, 1974. "The measurement of urban travel demand," Journal of Public Economics, Elsevier, vol. 3(4), pages 303-328, November. [Downloadable!] (restricted)
  7. Partha Dasgupta & Joseph E. Stiglitz, 1980. "Industrial Structure and the Nature of Innovative Activity," NBER Reprints 0124, National Bureau of Economic Research, Inc.
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  8. Szymanski, Stefan & Valletti, Tommaso M., 2005. "Incentive effects of second prizes," European Journal of Political Economy, Elsevier, vol. 21(2), pages 467-481, June. [Downloadable!] (restricted)
  9. Glazer, Amihai & Hassin, Refael, 1988. "Optimal Contests," Economic Inquiry, Oxford University Press, vol. 26(1), pages 133-43, January.
  10. Skaperdas, Stergios, 1996. "Contest Success Functions," Economic Theory, Springer, vol. 7(2), pages 283-90, February.
  11. Barut, Yasar & Kovenock, Dan, 1998. "The symmetric multiple prize all-pay auction with complete information," European Journal of Political Economy, Elsevier, vol. 14(4), pages 627-644, November. [Downloadable!] (restricted)
  12. Yates, Andrew J. & Heckelman, Jac C., 2001. "Rent-setting in multiple winner rent-seeking contests," European Journal of Political Economy, Elsevier, vol. 17(4), pages 835-852, November. [Downloadable!] (restricted)
  13. Clark, Derek J & Riis, Christian, 1996. " A Multi-winner Nested Rent-Seeking Contest," Public Choice, Springer, vol. 87(1-2), pages 177-84, April.
  14. Stergios Skaperdas, 1996. "Contest success functions (*)," Economic Theory, Springer, vol. 7(2), pages 283-290.
  15. Benny Moldovanu & Aner Sela & Xianwen Shi, 2005. "Contests for Status," Discussion Papers 139, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
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  16. Clark, Derek J & Riis, Christian, 1998. "Competition over More Than One Prize," American Economic Review, American Economic Association, vol. 88(1), pages 276-89, March. [Downloadable!] (restricted)
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