This paper considers a contest setting in which a challenger chooses between one of two contests to enter after … overall reduction in defense. Controlled laboratory experiments designed to test the model’s predictions are also reported …

very different effects depending on the contest structure. We observe the highest rent dissipation in stochastic contests … when players only get feedback on own choices and earnings. In these contests aggregate expenditures usually exceed the …. In contrast, in deterministic contests average expenditures converge to equilibrium levels when subjects only get …