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of alliance formation in any equilibrium. In this case there exists a pooling equilibrium without alliances with a unique …
Persistent link: https://www.econbiz.de/10010487967
I study sequential contests where the efforts of earlier players may be disclosed to later players by nature or by design. The model has a range of applications, including rent seeking, R&D, oligopoly, public goods provision, and tragedy of the commons. I show that information about other...
Persistent link: https://www.econbiz.de/10012928173
Multi-battle team contests are ubiquitous in real-life competitions. All temporal structures of multi-battle team contests yield the same total effort, as demonstrated by Fu, Lu, and Pan (2015, American Economic Review, 105(7): 2120-40)'s remarkable temporal-structure independence. Rather than...
Persistent link: https://www.econbiz.de/10013235954
We study the sorting of contestants across Tullock contests, and the allocation of a prize budget across these contests. Our benchmark result is that total effort is maximized by a unique grand contest and contestant exclusions decrease total effort. We consider two extensions of our benchmark...
Persistent link: https://www.econbiz.de/10013296576
We consider a variant of the Tullock rent-seeking contest. Under symmetric information we determine equilibrium strategies and prove their uniqueness. Then, we assume contestants to be privately informed about their costs of effort. We prove existence of a pure-strategy equilibrium and provide a...
Persistent link: https://www.econbiz.de/10003950459
This paper considers incentives for information acquisition ahead of conflicts. First, we characterize the (unique) equilibrium of the all-pay auction between two players with one-sided asymmetric information where one player has private information about his valuation. Then, we use ou rresults...
Persistent link: https://www.econbiz.de/10003950481
We study the incentives to share private information ahead of contests, such as markets with promotional competition, procurement contests, or R&D. We consider the cases where firms have (i) independent values and (ii) common values of winning the contest. In both cases, when decisions to share...
Persistent link: https://www.econbiz.de/10008822740
We study all-pay auctions where each player observes her private value as well as a noisy private signal about the opponent’s value, following Fang and Morris’s (J Econ Theory 126(1):1–30, 2006) analysis of winner-pay auctions with multidimensional private signals. A unique symmetric...
Persistent link: https://www.econbiz.de/10013235168
We characterize the equilibrium of the all-pay auction with general convex cost of effort and sequential effort choices. We consider a set of n players who are arbitrarily partitioned into a group of players who choose their efforts "early" and a group of players who choose "late". Only the...
Persistent link: https://www.econbiz.de/10003891850
In the equilibrium of the all-pay auction with two groups of individual players who move sequentially, only the player with the lowest effort cost has a positive payoff. This payoff and the overall dissipation crucially depend on group composition. -- Sequential all-pay auction ; complete...
Persistent link: https://www.econbiz.de/10003892031