All-Pay Contests Export

@article{siegel-2008, abstract = {The paper studies a class of games, "All-Pay Contests", which captures general asymmetries and sunk investments inherent in scenarios such as lobbying, competition for market power, labor-market tournaments, and R\&D races. Players compete for one of several identical prizes by choosing a score. Conditional on winning or losing, it is weakly better to do so with a lower score. This formulation allows for differing production technologies, costs of capital, prior investments, attitudes towards risk, and conditional and unconditional investments, among others. I provide a closed-form formula for players' equilibrium payoffs, and analyze player participation. A special case of contests is multi-prize, complete-information all-pay auctions.}, author = {Siegel, Ron}, citeulike-article-id = {3815134}, citeulike-linkout-0 = {http://faculty.wcas.northwestern.edu/~rsi665/all-pay-contests.pdf}, howpublished = {Forthcoming}, journal = {Econometrica}, keywords = {auctions, penny}, posted-at = {2008-12-21 05:56:16}, priority = {2}, title = {All-Pay Contests}, url = {http://faculty.wcas.northwestern.edu/~rsi665/all-pay-contests.pdf}, year = {2008} }

TY - JOUR ID - siegel-2008 L3 - citeulike-article-id:3815134 N2 - The paper studies a class of games, "All-Pay Contests", which captures general asymmetries and sunk investments inherent in scenarios such as lobbying, competition for market power, labor-market tournaments, and R&D races. Players compete for one of several identical prizes by choosing a score. Conditional on winning or losing, it is weakly better to do so with a lower score. This formulation allows for differing production technologies, costs of capital, prior investments, attitudes towards risk, and conditional and unconditional investments, among others. I provide a closed-form formula for players’ equilibrium payoffs, and analyze player participation. A special case of contests is multi-prize, complete-information all-pay auctions. JF - Econometrica TI - All-Pay Contests KW - auctions KW - penny AU - Siegel, Ron PY - 2008/// UR - http://faculty.wcas.northwestern.edu/~rsi665/all-pay-contests.pdf ER -