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Asymmetric contests with initial probabilities of winning

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  • Kyung Hwan Baik
  • Hanjoon Michael Jung

Abstract

We study contests in which each player has an initial probability of winning the prize. First, we consider a model in which the impact parameter is exogenous. We find that neither the number of active players nor their identities nor the effort levels depend on the initial probabilities of winning. We find also that the possibility that the winner is determined by the initial probabilities of winning reduces prize dissipation, and tends to make most players better off, compared to the contest without this possibility. Then, considering a model in which the impact parameter is endogenous, we find that every player may expend zero effort.

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  • Kyung Hwan Baik & Hanjoon Michael Jung, 2019. "Asymmetric contests with initial probabilities of winning," International Journal of Economic Theory, The International Society for Economic Theory, vol. 15(4), pages 385-398, December.
    • Handle: RePEc:bla:ijethy:v:15:y:2019:i:4:p:385-398
    DOI: 10.1111/ijet.12173
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    Cited by:

    1. Baik, Kyung Hwan & Jung, Hanjoon Michael, 2021. "Contests with multiple alternative prizes: Public-good/bad prizes and externalities," Journal of Mathematical Economics, Elsevier, vol. 92(C), pages 103-116.
    2. Kyung Hwan Baik & Youngseok Park, 2022. "Contests for catch shares," Review of Economic Design, Springer;Society for Economic Design, vol. 26(1), pages 23-42, March.

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