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The paper characterizes the mixed-strategy equilibria in all-pay auctions with endogenous prizes that depend positively on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment games, lobbying games, and promotion tournaments. We...
Persistent link: https://www.econbiz.de/10005756618
candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …
Persistent link: https://www.econbiz.de/10005791668
consistent with the theoretical results: in the experiment, investment levels with and without legal protection are comparable …
Persistent link: https://www.econbiz.de/10011083356