Residential College | false |
Status | 已發表Published |
The n-player Hirshleifer contest | |
Ewerhart, Christian1; Sun, Guang Zhen2 | |
2024-01 | |
Source Publication | Games and Economic Behavior |
ABS Journal Level | 3 |
ISSN | 0899-8256 |
Volume | 143Pages:300-320 |
Abstract | While the game-theoretic analysis of conflict is often based on the assumption of multiplicative noise, additive noise such as considered by Hirshleifer (1989) may be equally plausible depending on the application. In this paper, we examine the equilibrium set of the n-player difference-form contest with heterogeneous valuations. For high and intermediate levels of noise, the equilibrium is in pure strategies, with at most one player being active. For small levels of noise, however, we find a variety of equilibria in which some but not necessarily all players randomize. In the case of homogeneous valuations, we obtain a partial uniqueness result for symmetric equilibria. As the contest becomes increasingly decisive, at least two contestants bid up to the valuation of the second-ranked contestant, while any others ultimately drop out. Thus, in the limit, equilibria of the Hirshleifer contest share important properties of equilibria of the corresponding all-pay auction. |
Keyword | Difference-form Contests Nash Equilibrium Rent Dissipation All-pay Auction |
DOI | 10.1016/j.geb.2023.11.004 |
URL | View the original |
Indexed By | SSCI |
Language | 英語English |
WOS Research Area | Business & Economics |
WOS Subject | Economics |
WOS ID | WOS:001135650700001 |
Publisher | ACADEMIC PRESS INC ELSEVIER SCIENCE, 525 B ST, STE 1900, SAN DIEGO, CA 92101-4495 |
Scopus ID | 2-s2.0-85179434463 |
Fulltext Access | |
Citation statistics | |
Document Type | Journal article |
Collection | DEPARTMENT OF ECONOMICS |
Corresponding Author | Ewerhart, Christian |
Affiliation | 1.Department of Economics, University of Zurich, Switzerland 2.Department of Economics, University of Macau, Macau SAR, China |
Recommended Citation GB/T 7714 | Ewerhart, Christian,Sun, Guang Zhen. The n-player Hirshleifer contest[J]. Games and Economic Behavior, 2024, 143, 300-320. |
APA | Ewerhart, Christian., & Sun, Guang Zhen (2024). The n-player Hirshleifer contest. Games and Economic Behavior, 143, 300-320. |
MLA | Ewerhart, Christian,et al."The n-player Hirshleifer contest".Games and Economic Behavior 143(2024):300-320. |
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