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Properties of contests

MPG-Autoren
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Serena,  Marco
Public Economics, MPI for Tax Law and Public Finance, Max Planck Society;

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Zitation

Corchón, L., & Serena, M. (2017). Properties of contests. doi:10.2139/ssrn.2882537.


Zitierlink: http://hdl.handle.net/11858/00-001M-0000-002C-4CD6-2
Zusammenfassung
We aim at characterizing which kind of functions can be rationalized as the best reply of payoff maximizing agents in contests for a fixed prize. We show that the rationalizability strongly differ between Decisive Contests, where the prize is allocated with certainty, and Possibly Indecisive Contests, where the prize may be not awarded. In the latter, any arbitrary set of best reply functions is rationalizable, thus "anything goes". In the former, on the contrary, the best reply functions have to satisfy strong conditions.