Keep on fighting: The dynamics of head starts in all-pay auctions

• 成果类型: Article
• 署名作者: Clark, Derek J.; Nilssen, Tore
• 署名单位: UiT The Arctic University of Tromso; University of Oslo
• 刊物名称: GAMES AND ECONOMIC BEHAVIOR
• ISSN/ISSBN: 0899-8256
• DOI: 10.1016/j.geb.2018.05.005
• 发表日期: 2018
• 页码: 258-272
• 关键词: Contest; all-pay auction; Win advantage; Head start

摘要

We investigate a model of a series of contests in which a contestant's past and present success gives a head start over a rival in the future. How this advantage from winning affects contestants' efforts, whether the laggard gives up or keeps on fighting, and how the head start develops over time, are key issues. We find that the expected effort of the laggard will always be higher than the rival at some stage in the series of contests, and this is most likely to happen when at a large disadvantage or at a late stage in the series. (C) 2018 Elsevier Inc. All rights reserved.