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Contest Efforts in Light of Behavioural Considerations

Eyal Baharad and Shmuel Nitzan
The Economic Journal
Vol. 118, No. 533 (Nov., 2008), pp. 2047-2059
Published by: Wiley on behalf of the Royal Economic Society
Stable URL: http://www.jstor.org/stable/20485288
Page Count: 13
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Contest Efforts in Light of Behavioural Considerations
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Abstract

This study shows that distortion of probabilities is a possible reason for rent under-dissipation in contests with relatively small number of participants. Such distortion may also result, however, in over-dissipation of the contested rent. Focusing on contests with homogeneous contestants and the commonly studied contest success function, our main results clarify under what circumstances (i) rents are more under-dissipated relative to the standard situation where probabilities are not distorted (ii) rents are under-dissipated, yet less intensely relative to the standard situation where probabilities are not distorted (iii) rents are over-dissipated and (iv) the contest does not possess a symmetric interior equilibrium in pure strategies.

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