contest experiments- (i) overbidding relative to the standard Nash equilibrium prediction and (ii) heterogeneous behavior of … ex-ante symmetric contestants. Based on the sample of contest experiments that we review, the median overbidding rate is … 72%. We provide different explanations for the overbidding phenomenon, including bounded rationality, utility of winning …

initial resource endowments mitigates the amount of overbidding and thus increases overall efficiency. Overbidding is also … religiosity and individual preferences towards winning and risk also contribute to excessive bidding. …

-seeking contests. Most previous studies use a lottery prize rule and linear cost, and ?nd both overbidding relative to the Nash …

significantly higher than predicted in the models based on rational behavior and that over-dissipation of rents (or overbidding or …

overbidding in contests. We find that overbidding is significantly higher when subjects are given a large per-experiment endowment … rather than when the endowment is given per-period. Risk-aversion and non-monetary utility of winning play important roles in …