Level-k models and overspending in contests

The experimental evidence on contests often reports significant overspending of subjects as opposed to the Nash equilibrium. We complement the existing explanations by providing a theoretical rationale for overspending which is based on the level-k model

Year of publication:	[2022]
Authors:	Serena, Marco ; Arve, Malin
Publisher:	[S.l.] : SSRN

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