Axiomatization of Reverse Nested Lottery Contests

In this paper, we identify a set of axioms that is necessary and sufficient for axiomatizing the reverse nested lottery contest proposed by Fu, Lu and Wang (2014), which is the "mirror image" of the conventional nested lottery contest of Clark and Riis (1996). This paper thus provides an axiomatic underpinning for the reverse model, which which further reveals the connections and differences between the two (conventional and reverse) multi-prize contest models.