And the first runner-up is...: Sequential versus simultaneous winner revelation in multi-winner discriminated Tullock contests
Anwesha Mukherjee and
Theodore Turocy ()
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Anwesha Mukherjee: School of Management. Technische Universitat MÂ¨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.
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 Berryâ€™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)
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