We report experimental evidence from a 3-person Dictator Game in which dictators decide over the distribution of probabilities of winning a fixed, indivisible, monetary prize. This evidence is compared with (i) a control treatment in which money is perfectly divisible and dictators allocate...

The paper analyses the properties and outcomes of competitive dynamics in industries characterized by heterogeneous firms and continuing stochastic entry. A formal analytical apparatus is developed, able to derive some generic properties of the underlying competition process combining persistent...