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 …

contests which are isomorphic under risk-neutrality. The results indicate that in aggregate the single-prize contest generates …-prize contest. We also elicit preferences toward risk, ambiguity and losses, and find that while such preferences cannot explain …

payoffs than individuals. We elicit individual and group preferences towards risk using simple lotteries. The results indicate …

homogeneous payoffs than individuals. We elicit individual and group preferences towards risk using simple lotteries. The results …

contests which are isomorphic under risk-neutrality. The results indicate that in aggregate the single-prize contest generates …-prize contest. We also elicit preferences toward risk, ambiguity and losses, and find that while such preferences cannot explain …

-prize contest. We also elicit preferences toward risk, ambiguity and losses, and find that while such preferences cannot explain …

participants are significantly higher than predicted and that over-dissipation of rents (or overbidding or over-expenditure of …