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A general framework for studying contests
Linnaeus University, School of Business and Economics, Department of Economics and Statistics. (Linnaeus University Centre for Discrimination and Integration Studies)
Linnaeus University, School of Business and Economics, Department of Economics and Statistics. (Linnaeus University Centre for Discrimination and Integration Studies)ORCID iD: 0000-0002-8973-1410
University of Cologne, Germany. (Linnaeus University Centre for Discrimination and Integration Studies)
(English)Manuscript (preprint) (Other academic)
Abstract [en]

We develop a general framework to study contests, containing the well-known models of Tullock (1980) and Lazear & Rosen (1981) as special cases. The contest outcome depends on players' effort and skill, the latter being subject to symmetric uncertainty. The model is tractable, because a symmetric equilibrium exists under general assumptions regarding production technologies and skill distributions. We construct a link between our contest model and  expected utility theory and exploit this link to revisit important comparative statics results of contest theory and show how these can be overturned. Finally, we apply our results to study optimal workforce composition.

Keywords [en]
contest theory, symmetric equilibrium, heterogeneity, risk, decision theory
National Category
Economics
Research subject
Economy, Economics
Identifiers
URN: urn:nbn:se:lnu:diva-90358OAI: oai:DiVA.org:lnu-90358DiVA, id: diva2:1374847
Funder
The Jan Wallander and Tom Hedelius Foundation, P18-0208German Research Foundation (DFG), EXC 2126/1 390838866Available from: 2019-12-03 Created: 2019-12-03 Last updated: 2019-12-04Bibliographically approved

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fulltext(231 kB)44 downloads
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Type fulltextMimetype application/pdf

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Bastani, SpencerGiebe, Thomas

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf