Cornes, Richard; Hartley, Roger - In: Economic Theory 51 (2012) 2, pp. 247-275
logistic contest success functions, when contestants are risk averse. We prove that a Nash equilibrium for such a contest … exists, but give an example of a symmetric contest with both symmetric and asymmetric equilibria, showing that risk aversion … necessary for general uniqueness. We also study the effects on incumbents of additional competitors entering the contest under …