In contest models with symmetric valuations, equilibrium payoffs are positive shares of the value of the prize. In contrast to a bargaining situation, these shares sum to less than one because a share of the value is lost due to rent-dissipation. We ask: can every such division into payoff...

This paper analyzes incumbency contests in a large population setting. Incumbents repeatedly face different challengers, holding on to their positions until defeated in a contest. Defeated incumbents turn into challengers until they win a contest against an incumbent, thereby regaining an...

This paper analyzes iterated incumbency contests with heterogeneous valuations in a large population setting. Incumbents repeatedly face different challengers, holding on to their positions until defeated in a contest. Defeated incumbents turn into challengers until they win a contest against an...

In contest models with symmetric valuations, equilibrium payoffs are positiveshares of the value of the prize. In contrast to a bargaining situation, theseshares sum to less than one because a share of the value is lost due to rent-dissipation. We ask: can every such division into payoff shares...

In contest models with symmetric valuations, equilibrium payoffs are positive shares of the value of the prize. In contrast to a bargaining situation, these shares sum to less than one because a share of the value is lost due to rent-dissipation. We ask: can every such division into payoff...

This paper analyzes iterated incumbency contests with heterogeneous valuations in a large population setting. Incumbents repeatedly face different challengers, holding on to their positions until defeated in a contest. Defeated incumbents turn into challengers until they win a contest against an...

This paper deals with double lobbying: several bureaucrats participate in joint lobbying to get a high total departmental budget, but they also engage in antagonistic lobbying to reap as high a share of the total budget as possible. The antagonistic lobbying constitutes a contest among the...

This paper discusses the properties of stylized U.S. ("U-type") and Japanese tournaments ("J-type"), which can both solve the unverifiability problem of labor contracts. Under a zero-profit condition, both tournament types will yield first-best efforts if workers are homogenous and risk neutral....

In this paper, we combine the strategic delegation approach of Fershtman-Judd-Sklivas with contets. The results show that besides a symmetric equilibrium there also exist asymmetric equilibria in which one owner induces pure sales maximization to his manager so that all the other firms drop out...