Sequential Lottery Contests with Multiple Participants

The literature on aggregative games, which has been applied in the study of contests, has focused on simultaneous games. We apply aggregative games techniques in a novel fashion in the analysis of sequential lottery contests with n players. It is shown that: (1) there exists a unique subgame perfect equilibrium in pure strategies, and (2) unlike in the case of a small contest, aggregate expenditure in a large contest is lower than in the corresponding simultaneous contest