Contests with Random Noise and a Shared Prize

Roman Sheremeta, William Masters and Timothy Cason

MPRA Paper from University Library of Munich, Germany

Abstract: This note introduces a model of contests with random noise and a shared prize that combines features of Tullock (1980) and Lazear and Rosen (1981). Similar to results in Lazear and Rosen, as the level of noise decreases the equilibrium effort rises. As the noise variance approaches zero, the equilibrium effort of the shared-prize contest approaches that of a Tullock lottery contest.

Keywords: Contests; All-pay auctions; Tournaments; Random noise; Shared prize (search for similar items in EconPapers)
JEL-codes: C72 D72 D74 (search for similar items in EconPapers)
Date: 2009-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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