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Abstract

We analyze (non-deterministic) contests with anonymous contest success functions. There is no restriction on the number of contestants or on their valuations for the prize. We provide intuitive and easily verifiable conditions for the existence of an equilibrium with properties similar to the one of the (deterministic) all-pay auction. Since these conditions are fulfilled for a wide array of situations, the predictions of this equilibrium are very robust to the specific details of the contest. An application of this result contributes to fill a gap in the analysis of the popular Tullock rent- seeking game because it characterizes properties of an equilibrium for increasing returns to scale larger than two, for any number of contestants and in contests with or without a common value. Keywords: (non-) deterministic contest, all-pay auction, contest success functions. JEL Classification Numbers: C72 (Noncooperative Games), D72 (Economic Models of Political Processes: Rent-Seeking, Elections), D44 (Auctions).

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Paper provided by Universitat Rovira i Virgili, Department of Economics in its series Working Papers with number 2072/5368.

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Date of creation: 2008
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Handle: RePEc:urv:wpaper:2072/5368

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Keywords: Subhastes; Política; Models economètrics; Renda (Teoria econòmica); Eleccions; Jocs; Teoria de; 338 - Situació econòmica. Política econòmica. Gestió; control i planificació de l'economia. Producció. Serveis. Turisme. Preus;

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Find related papers by JEL classification:

• C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
• D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
• D44 - Microeconomics - - Market Structure and Pricing - - - Auctions

References

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1. Baye, M.R. & Kovenock, D. & De Vries, C.G., 1991. "Rigging The Lobbying Process: An Application Of The All- Pay Auction," Purdue University Economics Working Papers 1002, Purdue University, Department of Economics.
   
   • Baye, Michael R & Kovenock, Dan & de Vries, Casper G, 1993. "Rigging the Lobbying Process: An Application of the All-Pay Auction," American Economic Review, American Economic Association, vol. 83(1), pages 289-94, March.
   • Baye, M.R. & Kovenock, D. & De Vries, C.G., 1992. "Rigging the Lobbying Process: An Application of the All- Pay Auction," Papers 9-92-2, Pennsylvania State - Department of Economics.
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   • Baye, M.R. & Kovenock, D. & De Vries, C.G., 1993. "The Solution to the Tullock Rent-Seeking Game when R > 2: Mixed Strategy Equilibria and Mean Dissipation Rates," Papers 10-93-9, Pennsylvania State - Department of Economics.
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Citations

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Cited by:

1. Konrad, Kai A. & Kovenock, Dan, 2009. "The alliance formation puzzle and capacity constraints," Economics Letters, Elsevier, vol. 103(2), pages 84-86, May.
   
   • Kai A. Konrad & Dan Kovenock, 2008. "The Alliance Formation Puzzle and Capacity Constraints," Purdue University Economics Working Papers 1209, Purdue University, Department of Economics.
   • Konrad, Kai A. & Kovenock, Dan, 2008. "The alliance formation puzzle and capacity constraints," Discussion Papers, Research Unit: Market Processes and Governance SP II 2008-07, Social Science Research Center Berlin (WZB).
   • Konrad, Kai A & Kovenock, Dan, 2008. "The Alliance Formation Puzzle and Capacity Constraints," CEPR Discussion Papers 6741, C.E.P.R. Discussion Papers.
2. José Alcalde & Matthias Dahm, 2007. "Tullock And Hirshleifer: A Meeting Of The Minds," Working Papers. Serie AD 2007-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
   
   • José Alcalde & Matthias Dahm, 2007. "Tullock and Hirshleifer: a meeting of the minds," Review of Economic Design, Springer, vol. 11(2), pages 101-124, September.
3. J. Atsu Amegashie, 2012. "A Nested Contest: Tullock Meets the All-Pay Auction," Working Papers 1211, University of Guelph, Department of Economics.
4. Amegashie, J. Atsu, 2012. "A nested contest: Tullock meets the All-Pay Auction," MPRA Paper 41654, University Library of Munich, Germany, revised 03 Sep 2012.
5. J. Atsu Amegashie, 2012. "A Nested Contest: Tullock Meets the All-pay Auction," CESifo Working Paper Series 3976, CESifo Group Munich.
6. Alcalde, José & Dahm, Matthias, 2010. "Rent seeking and rent dissipation: A neutrality result," Journal of Public Economics, Elsevier, vol. 94(1-2), pages 1-7, February.

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