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Submission costs in risk-taking contests

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  • Whitmeyer, Mark

Abstract

This paper investigates stochastic continuous time contests with a twist: the designer requires that contest participants incur some cost to submit their entries. When the designer wishes to maximize the (expected) performance of the top performer, a strictly positive submission cost is optimal. When the designer wishes to maximize total (expected) performance, either the highest submission cost or the lowest submission cost is optimal.

Suggested Citation

  • Whitmeyer, Mark, 2023. "Submission costs in risk-taking contests," Games and Economic Behavior, Elsevier, vol. 142(C), pages 101-112.
    • Handle: RePEc:eee:gamebe:v:142:y:2023:i:c:p:101-112
    DOI: 10.1016/j.geb.2023.07.014
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    More about this item

    Keywords

    All-pay contests; Stochastic contests; Rank-order selection; Optimal stopping; Submission costs; Bayesian persuasion;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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