The theory of contests: A unified model and review of the literature

Ngo Long

European Journal of Political Economy, 2013, vol. 32, issue C, 161-181

Abstract: This paper is a brief review of the literature on contests, with focus on rent-seeking. A fairly general contest model is presented. We show that the Tullock contest model and the first-prize sealed-bid auction model are obtained as special cases. Some important modifications of the basic model are reviewed: hierarchical rent-seeking, rent-seeking under risk aversion, insecure rents, sabotage in rent-seeking contests, contest design, commitment and endogenous order of moves, and dynamic rent-seeking.

Keywords: Rent-seeking; Contest; All-pay auction (search for similar items in EconPapers)
JEL-codes: C72 D44 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (71)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:poleco:v:32:y:2013:i:c:p:161-181

DOI: 10.1016/j.ejpoleco.2013.07.006

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