Dahm, Matthias; Porteiro, Nicolas - Center for Mathematical Studies in Economics and … - 2005
In models of non-deterministic contest, players exert irreversible effort in order to increase their probability of … winning a prize. The most prominent functional form of the win probability in the literature is the so-called “logit” contest … contest administrator is a rational decision maker whose optimal choice is deterministic. However, from the point of view of …