Universitat Rovira i Virgili
Universitat Rovira i Virgili. Departament d'Economia
2008
We analyze (non-deterministic) contests with anonymous contest success functions. There is no restriction on the number of contestants or on their valuations for the prize. We provide intuitive and easily verifiable conditions for the existence of an equilibrium with properties similar to the one of the (deterministic) all-pay auction. Since these conditions are fulfilled for a wide array of situations, the predictions of this equilibrium are very robust to the specific details of the contest. An application of this result contributes to fill a gap in the analysis of the popular Tullock rent- seeking game because it characterizes properties of an equilibrium for increasing returns to scale larger than two, for any number of contestants and in contests with or without a common value. Keywords: (non-) deterministic contest, all-pay auction, contest success functions. JEL Classification Numbers: C72 (Noncooperative Games), D72 (Economic Models of Political Processes: Rent-Seeking, Elections), D44 (Auctions).
English
338 - Economic situation. Economic policy. Management of the economy. Economic planning. Production. Services. Prices
Subhastes; Política; Models economètrics; Renda (Teoria econòmica); Eleccions; Jocs, Teoria de
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Documents de treball del Departament d'Economia; 2008-04
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