Multi-player, Multi-prize, Imperfectly Discriminating Contests

André Palma () and Soumyanetra Munshi ()
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André Palma: ENS Cachan - University Paris-Saclay, and CREST
Soumyanetra Munshi: Indian Statistical Institute, ISI, Kolkata, Economic Research Unit

Methodology and Computing in Applied Probability, 2019, vol. 21, issue 2, 593-632

Abstract: Abstract This paper models success probability in imperfectly discriminating contests involving multiple players and multiple prizes. This, in fact, turns out to be a generalization of Tullock’s contest success function to a multi-player, multiple prizes. The model can be used to analyze efforts exerted by individuals in various real-life situations, like obtaining seats in congested public transportation vehicles or obtaining admission into elite educational institutes. We propose a “holistic” probability model, derive the equilibrium efforts exerted, and analyze those efforts, the associated total costs and total dissipation, and explore pricing and number of ‘seats’. The derivation provides a new rational for the multinomial Logit Model. It also derives formula for rent dissipation. We also discuss two extensions of the model.

Keywords: Public transportation; Congestion; Contest success function; Logit; 91A10; 91B18; 91B32; 60-08 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/s11009-018-9628-1

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