The Dark Side of the Force: Evolutionary Equilibrium in Contests with Stochastic Entry
Burkhard Hehenkamp () and
Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association
We study evolutionarily stable strategy (ESS) in contests where participation is stochastic. When participation probabilities are given, players exert more effort In ESS than under Nash. Ex-ante overdissipation occurs when participation is suff. likely and discriminative power of the contest suff. high. When entry is costly and endogenous, players’ entry is more likely, more costly, and less profitable in ESS than under Nash. Ex-ante overdissipation also occurs for concave impact functions.
JEL-codes: D72 C73 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cta, nep-evo, nep-gth and nep-ore
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168168
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