Contests with the probability of a draw : a stochastic foundation

Jia, Hao 2012, Contests with the probability of a draw : a stochastic foundation, Economic record, vol. 88, no. 282, pp. 391-406, doi: 10.1111/j.1475-4932.2012.00822.x.

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Title Contests with the probability of a draw : a stochastic foundation
Author(s) Jia, HaoORCID iD for Jia, Hao
Journal name Economic record
Volume number 88
Issue number 282
Start page 391
End page 406
Total pages 16
Publisher Wiley-Blackwell Publishing Asia
Place of publication Richmond, Vic.
Publication date 2012-09
ISSN 0013-0249
Keyword(s) game theory
Summary 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.
Language eng
DOI 10.1111/j.1475-4932.2012.00822.x
Field of Research 140104 Microeconomic Theory
Socio Economic Objective 910203 Industrial Organisations
HERDC Research category C1 Refereed article in a scholarly journal
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Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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