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I characterize the optimal accuracy level r of an unbiased Tullock contest between two players with heterogeneous prize valuations. The designer maximizes the winning probability of the strong player or the winner’s expected valuation by choosing a contest with an all-pay auction equilibrium...
Persistent link: https://www.econbiz.de/10013172104
I characterize the optimal accuracy level r of an unbiased Tullock contest between two players with heterogeneous prize valuations. The designer maximizes the winning probability of the strong player or the winner’s expected valuation by choosing a contest with an all-pay auction equilibrium...
Persistent link: https://www.econbiz.de/10012886568
Wage Dispersion and Efficiency. It is often assumed that markets generate efficient allocations, but these are not … compensating differentials will increase both efficiency and fairness, quite in line with the classical position taken by Adam …
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We consider the efficiency of Cournot and Bertrand equilibria in a duopoly with substitutable goods where firms invest …
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