Häfner, Samuel; Nöldeke, Georg - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2014
In contest models with symmetric valuations, equilibrium payoffs are positiveshares of the value of the prize. In contrast to a bargaining situation, theseshares sum to less than one because a share of the value is lost due to rent-dissipation. We ask: can every such division into payoff shares...