TULLOCK AND HIRSHLEIFER: A MEETING OF THE MINDS

Jose Alcalde and Matthias Dahm

Working Papers. Serie AD from Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie)

Abstract: We introduce the serial contest by building on the desirable properties of two prominent contest games. This family of contest games relies both on relative efforts (as Tullock's proposal) and on absolute effort differences (as difference-form contests). An additional desirable feature is that the serial contest is homogeneous of degree zero in contestant's efforts. The family is characterized by a parameter representing how sensitive the outcome is to contestants' efforts. It encompasses as polar cases the (fair) lottery and the (deterministic) all-pay auction. Equilibria have a close relationship to those of the (deterministic) all-pay auction and important properties of the latter hold for the serial contest, too.

Keywords: rent-seeking; (non-) deterministic contest; contest success function; all-pay auction; rent dissipation; exclusion principle; preemption effect; cap; campaign contributions. (search for similar items in EconPapers)
JEL-codes: C72 D44 D72 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2007-05
New Economics Papers: this item is included in nep-gth
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Citations: View citations in EconPapers (46)

Published by Ivie

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http://www.ivie.es/downloads/docs/wpasad/wpasad-2007-13.pdf Fisrt version / Primera version, 2007 (application/pdf)

Related works:
Journal Article: Tullock and Hirshleifer: a meeting of the minds (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ivi:wpasad:2007-13

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