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We study equilibrium in a multistage race in which players compete in a sequence of simultaneous move component … contests. Players may win a prize for winning each component contest, as well as a prize for winning the overall race. Each …
Persistent link: https://www.econbiz.de/10005791548
We consider the properties of perfectly discriminating contests in which players' abilities are stochastic, but become common knowledge before efforts are expended. Players whose expected ability is lower than that of their rivals may still earn a positive expected payoff from participating in...
Persistent link: https://www.econbiz.de/10005124335