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mechanism of this coordination is valuable for economic thinking and economic theory. However, the implications of the perfect … original economic theory of contestability defines very strict conditions for perfectly contestable markets, antitrust has …
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We analyze competitions where the contestants evaluate each other and find the first contestant to be disadvantaged. We suspect that this is due to information diffusion, Bayesian belief updating taking place in course of the contest and initial uncertainty about a contestant's relative quality....
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