And the first runner-up is...: Sequential versus simultaneous winner revelation in multi-winner discriminated Tullock contests

Subhasish Chowdhury, Anwesha Mukherjee and Theodore Turocy
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Anwesha Mukherjee: School of Management. Technische Universitat M¨unchen

No 21-01, Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) from School of Economics, University of East Anglia, Norwich, UK.

Abstract: We characterise the strategic equivalence among k-winner contests using the simultaneous selection rule proposed by Berry (1993). We test the prediction of strategic equivalence using a series of laboratory experiments, contrasting 1-winner contests with 2-winner contests, varying in the latter whether the outcome is revealed sequentially or in a single stage. We find that in the long run, average bidding levels are similar across strategically-equivalent contests. However, adaptation in 2-winner contests is slower and less systematic, which is consistent with the property that Berry’s rule results in outcomes that are more random than in the 1-winner case.

Keywords: lottery contest; multi-winner contests; learning; experiment; strategic equivalence. (search for similar items in EconPapers)
JEL-codes: C72 C91 D72 D82 (search for similar items in EconPapers)
Date: 2021-05
New Economics Papers: this item is included in nep-exp
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