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Contests with the probability of a draw : a stochastic foundation

journal contribution
posted on 2012-09-01, 00:00 authored by Hao Jia
This article proposes a stochastic foundation for the contest success function (CSF for short) with a richer structure on the set of possible outcomes of the contest. Specifically, the analysis allows for the possibility of a draw, so that no contestant can claim a victory over all other players. Under plausible conditions, this article not only discovers new functional forms of CSFs, but also shows the newly derived CSFs have very different properties in equilibrium to those of conventional CSFs. For example, in contrast to the CSFs discussed in the contest literature, which always generate a unique pure strategy Nash equilibrium, the newly discovered CSFs admit the possibility of multiple equilibria.

History

Journal

Economic record

Volume

88

Issue

282

Pagination

391 - 406

Publisher

Wiley-Blackwell Publishing Asia

Location

Richmond, Vic.

ISSN

0013-0249

eISSN

1475-4932

Language

eng

Publication classification

C1 Refereed article in a scholarly journal

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