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Persistent link: https://www.econbiz.de/10005413647
We study Tullock's (1980) n-player contest when each player has an independent probability 0 < p [less-than-or-equals, slant] 1 of participating. A unique symmetric equilibrium is found for any n and p and its properties are analyzed. In particular, we show that for a fixed n > 2 individual equilibrium spending as a function of p is single-peaked and satisfies a single-crossing property for any two different numbers of potential players. However, total equilibrium spending is...</p>
Persistent link: https://www.econbiz.de/10008483526
We introduce a criterion for robustness to strategic uncertainty in games with continuum strategy sets. We model a player's uncertainty about another player's strategy as an atomless probability distribution over that player's strategy set. We call a strategy profile robust to strategic...
Persistent link: https://www.econbiz.de/10011049724