The paper develops a simple theoretical framework for analyzing repeated contests. At each stage of the infinitely repeated game, a Tullock contest is played by two players. We consider local stability of the Nash equilibrium with respect to adjustment speed and the level of the prize. The model...

In a simple firm value model we consider the impact of the insolvency probability on the valuation of equity and debt, which are assumed to be not publicly traded. For the case of a distressed company, which usually has high debt and low equity, we can show that the impact becomes increasingly...

The paper develops a simple theoretical framework for analyzing repeated contests. At each stage of the infinitely repeated game, a Tullock contest is played by two players. We consider local stability of the Nash equilibrium with respect to adjustment speed and the level of the prize. The model...

In the following, we examine a market of a digital consumption good with monopolistic supply. In this market, it is the ability of the consumer to bypass (”crack”) the copy-protection of the monopolist which induces a lower price of the digital good, compared to an uncontested monopoly...