The Lifeboat Problem
We study an all-pay contest with multiple identical prizes ("lifeboat seats"). Prizes are partitioned into subsets of prizes ("lifeboats"). Players play a two-stage game. First, each player chooses an element of the partition ("a lifeboat"). Then each player competes for a prize in the subset chosen ("a seat"). We characterize and compare the subgame perfect equilibria in which all players employ pure strategies or all players play identical mixed strategies in the first stage. We find that the partitioning of prizes allows for coordination failure among players when they play nondegenerate mixed strategies and this can shelter rents and reduce rent dissipation compared to some of the less efficient pure strategy equilibria.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
|Date of creation:||Aug 2009|
|Contact details of provider:|| Postal: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.|
Phone: 44 - 20 - 7183 8801
Fax: 44 - 20 - 7183 8820
|Order Information:|| Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Amegashie, J.A. & Wu, X., 2004. "Self Selection in Competing All-Pay Auctions," Working Papers 2004-1, University of Guelph, Department of Economics and Finance.
- Cabral, Luis M. B., 2004. "Simultaneous entry and welfare," European Economic Review, Elsevier, vol. 48(5), pages 943-957, October.
- Bruno S. Frey & David A. Savage & Benno Torgler, 2009.
"Surviving the Titanic Disaster: Economic, Natural and Social Determinants,"
School of Economics and Finance Discussion Papers and Working Papers Series
245, School of Economics and Finance, Queensland University of Technology.
- Bruno S. Frey & David A. Savage & Benno Torgler, 2009. "Surviving the Titanic Disaster: Economic, Natural and Social Determinants," CREMA Working Paper Series 2009-03, Center for Research in Economics, Management and the Arts (CREMA).
- Bruno S. Frey & David A. Savage & Benno Torgler, 2009. "Surviving the Titanic Disaster: Economic, Natural and Social Determinants," CESifo Working Paper Series 2551, CESifo Group Munich.
- Frey, Bruno S & Savage, David A & Torgler, Benno, 2009. "Surviving the Titantic Disaster: Economic, Natural and Social Determinants," Berkeley Olin Program in Law & Economics, Working Paper Series qt6h24b1vt, Berkeley Olin Program in Law & Economics.
- Neugart, Michael & Tuinstra, Jan, 2001.
"Endogenous fluctuations in the demand for education,"
Discussion Papers, Research Unit: Labor Market Policy and Employment
FS I 01-209, Social Science Research Center Berlin (WZB).
- Michael Neugart & Jan Tuinstra, 2003. "Endogenous fluctuations in the demand for education," Journal of Evolutionary Economics, Springer, vol. 13(1), pages 29-51, 02.
- Neugart, M. & Tuinstra, J., 2001. "Endogenous Fluctuations in the Demand of Education," CeNDEF Working Papers 01-04, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
- Michael Neugart & Jan Tuinstra, 2002. "Endogenous fluctuations in the demand for education," Computing in Economics and Finance 2002 107, Society for Computational Economics.
- Boadway, R. & Marceau, N. & Marchand, M., "undated".
"Investment in education and the time inconsistency of redistributive tax policy,"
CORE Discussion Papers RP
1219, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Boadway, Robin & Marceau, Nicolas & Marchand, Maurice, 1996. "Investment in Education and the Time Inconsistency of Redistributive Tax Policy," Economica, London School of Economics and Political Science, vol. 63(250), pages 171-89, May.
- Robin Boadway & Nicolas Marceau & Maurice Marchand, 1992. "Investment in Education and the Time Inconsistency of Redistributive Tax Policy," Working Papers 860, Queen's University, Department of Economics.
- Fu, Qiang & Lu, Jingfeng, 2009. "The beauty of "bigness": On optimal design of multi-winner contests," Games and Economic Behavior, Elsevier, vol. 66(1), pages 146-161, May.
- Elmar Wolfstetter & Walter Elberfeld, 1997.
"A Dynamic Model of Bertrand Competition with Entry,"
- Elberfeld, Walter & Wolfstetter, Elmar, 1999. "A dynamic model of Bertrand competition with entry," International Journal of Industrial Organization, Elsevier, vol. 17(4), pages 513-525, May.
- Vettas, Nikolaos, 2000. "On entry, exit, and coordination with mixed strategies," European Economic Review, Elsevier, vol. 44(8), pages 1557-1576, August.
- Siow, Aloysius, 1984. "Occupational Choice under Uncertainty," Econometrica, Econometric Society, vol. 52(3), pages 631-645, May.
- Clark, Derek J & Riis, Christian, 1998. "Competition over More Than One Prize," American Economic Review, American Economic Association, vol. 88(1), pages 276-289, March.
- Levin, Dan & Smith, James L, 1994. "Equilibrium in Auctions with Entry," American Economic Review, American Economic Association, vol. 84(3), pages 585-599, June.
- Eckstein, Zvi & Weiss, Yoram & Fleising, Asher, 1988. "University policies under varying market conditions: The training of electrical engineers," Economics of Education Review, Elsevier, vol. 7(4), pages 393-403, August.
- Arye L. Hillman & John G. Riley, 1987.
"Politically Contestable Rents and Transfers,"
UCLA Economics Working Papers
452, UCLA Department of Economics.
- Borghans, Lex & De Grip, Andries & Heijke, Hans, 1996. "Labor market information and the choice of vocational specialization," Economics of Education Review, Elsevier, vol. 15(1), pages 59-74, February.
- Freeman, Richard B, 1975. "Supply and Salary Adjustments to the Changing Science Manpower Market: Physics, 1948-1973," American Economic Review, American Economic Association, vol. 65(1), pages 27-39, March.
- Jingfeng Lu, 2010. "Entry Coordination And Auction Design With Private Costs Of Information Acquisition," Economic Inquiry, Western Economic Association International, vol. 48(2), pages 274-289, 04.
- Barut, Yasar & Kovenock, Dan, 1998. "The symmetric multiple prize all-pay auction with complete information," European Journal of Political Economy, Elsevier, vol. 14(4), pages 627-644, November.
- Mattila, J. Peter & Orazem, Peter, 1991. "Human Capital, Uncertain Wage Distributions, and Educational and Occupational Choices," Staff General Research Papers Archive 10841, Iowa State University, Department of Economics.
- Moldovanu, Benny & Sela, Aner, 2006.
Journal of Economic Theory,
Elsevier, vol. 126(1), pages 70-96, January.
- Orazem, Peter F & Mattila, J Peter, 1991. "Human Capital, Uncertain Wage Distributions, and Occupational and Educational Choices," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(1), pages 103-22, February.
- 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.
- Freeman, Richard B, 1975. "Legal "Cobwebs": A Recursive Model of the Market for New Lawyers," The Review of Economics and Statistics, MIT Press, vol. 57(2), pages 171-179, May.
- Ron Siegel, 2009. "All-Pay Contests," Econometrica, Econometric Society, vol. 77(1), pages 71-92, 01.
- Michele Piccione & Ariel Rubinstein, 2007. "Equilibrium in the Jungle," Economic Journal, Royal Economic Society, vol. 117(522), pages 883-896, 07.
When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:7424. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.