Hoertnagl, Tanja; Kerschbamer, Rudolf; Oexl, Regine; … - 2023
We investigate how heterogeneity in contestants' investment costs affects competition expenditures in a dynamic … lower when competitors are heterogeneous than when they are homogeneous. Cost heterogeneity influences expenditures directly … contestants with low investment costs: they incorporate the heterogeneity and the differences in continuation values when …