Continuity and robustness of Bayesian equilibria in Tullock contests
Ezra Einy (),
Diego Moreno () and
Aner Sela ()
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Ezra Einy: Ben-Gurion University of the Negev
Aner Sela: Ben-Gurion University of the Negev
Economic Theory Bulletin, 2020, vol. 8, issue 2, No 12, 333-345
Abstract We show that the Bayesian equilibrium correspondence of a Tullock contest with incomplete information is upper semicontinuous. Further, we show that when equilibrium is unique and players’ costs of effort are either state independent or uniformly bounded, then it is also lower semicontinuous, and it is robust to small perturbations of the players’ information, value for the prize, and cost of effort, as well as of the contest success function.
Keywords: Tullock contests; Incomplete information; Robustness of equilibria (search for similar items in EconPapers)
JEL-codes: C72 D44 D82 (search for similar items in EconPapers)
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Working Paper: CONTINUITY AND ROBUSTNESS OF BAYESIAN EQUILIBRIA IN TULLOCK CONTESTS (2020)
Working Paper: Continuity and Robustness of Bayesian Equilibria in Tullock Contests (2019)
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