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On the Survival of Payoff Maximizing Behavior and Delegation in Contests

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  • Alex Possajennikov

    () (University of Nottingham)

Abstract

The evolutionary stability of payoff-maximizing preferences in the model of indirect evolution in symmetric games depends on the slope of the reaction function being zero at equilibrium. The application of this result to contests confirms that in two-player contests the optimal delegation involves giving the agent incentives to maximize principal's payoff while in contests with more than two players incentives will be different from principal's payoff maximization. Further examples are also discussed.

Suggested Citation

  • Alex Possajennikov, 2008. "On the Survival of Payoff Maximizing Behavior and Delegation in Contests," Discussion Papers 2008-15, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  • Handle: RePEc:not:notcdx:2008-15
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    Cited by:

    1. Alex Possajennikov, 2009. "Commitment in symmetric contests," Economics Bulletin, AccessEcon, vol. 29(1), pages 375-383.

    More about this item

    Keywords

    delegation; indirect evolution; contests;

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact

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