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Bidding in hierarchies

In: 40 Years of Research on Rent Seeking 1

Author

Listed:
  • Kai A. Konrad

    (Social Science Research Center Berlin (WZB)
    Free University of Berlin)

Abstract

This paper reconsiders the comparison between hierarchical contests and single-stage contests. A condition is given that characterizes whether and when the aggregate equilibrium payoff of contestants is higher in the single-stage contest, and when the single-stage contest is more likely to award the prize to the contestant who values it most highly. The outcome depends on interand intra-group heterogeneity, and is not driven by free-rider incentives.

Suggested Citation

  • Kai A. Konrad, 2004. "Bidding in hierarchies," Springer Books, in: Roger D. Congleton & Arye L. Hillman & Kai A. Konrad (ed.), 40 Years of Research on Rent Seeking 1, pages 547-554, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-79182-9_39
    DOI: 10.1007/978-3-540-79182-9_39
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    More about this item

    Keywords

    Contest; Hierarchies; Rent dissipation;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions

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