Hart, Einav; Avrahami, Judith; Kareev, Yaakov; Todd, … - Center for the Study of Rationality, Hebrew University … - 2014
Many competitions require investment of nonrefundable resources, e.g., political campaigns, financial markets, sports or courting rituals. One contestant wins the prize for the invested amount, while all others forfeit their investments without receiving compensation. Frequently, contests are...