Equilibrium existence in contests with bid caps

Wojciech Olszewski and Ron Siegel

Journal of Mathematical Economics, 2023, vol. 104, issue C

Abstract: We prove equilibrium existence in distributional strategies for a general class of multiprize contests, including contests with bid caps. Contests with bid caps violate the assumptions of Reny’s (1999) equilibrium existence results as well as those of many other existence results. The equilibrium existence proof we provide for contests with bid caps refers to a special property of such contests, whereas the proof is much more straightforward for contests without a bid cap.

Keywords: Contests; Equilibrium existence; Bid caps (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:104:y:2023:i:c:s0304406822001306

DOI: 10.1016/j.jmateco.2022.102804

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