Outcomes and Strategy Choices in Tullock Contests
AbstractWe explore the relationship between the choice of the strategy space and outcomes in Tullock contests. In particular, in a framework where one of the contest's participants moves first, we show that there is an equilibrium where this individual wins the contest with probability one. We also show that not only the nature of the outcome changes (e.g., who wins the contest) with the choice of the strategy space but also that a contest organiser might have preferences over this space. We argue that ultimately the analyst does not have complete freedom to choose the strategy space. Instead, he or she should consider the strategies that are permitted by the organisers of a formal contest, whose interests might lie in maximising returns. That is, the analyst's choice of the strategy space is not neutral.
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Bibliographic InfoPaper provided by Risk and Sustainable Management Group, University of Queensland in its series Risk & Uncertainty Working Papers with number WP6R05.
Date of creation: Jun 2005
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Strategy space; Tullock contests;
Other versions of this item:
- Menezes, Flavio & Quiggin, John, 2005. "Outcomes and Strategy Choices in Tullock Contests," Risk and Sustainable Management Group Working Papers 151173, University of Queensland, School of Economics.
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
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- Grant, Simon & Quiggin, John, 1994. "Nash equilibrium with mark-up-pricing oligopolists," Economics Letters, Elsevier, vol. 45(2), pages 245-251, June.
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