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Strategy and Dynamics in Contests

ISBN-10: 0199549605
ISBN-13: 9780199549603
Edition: 2009
Authors: Kai A. Konrad
List price: $30.00
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Description: This book describes the theory structure underlying contests, in which players expend effort and/or spend money in trying to get ahead of one another. Uniquely, this effort is sunk and cannot be recovered, regardless of whether a player wins or  More...

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Book details

List price: $30.00
Copyright year: 2009
Publisher: Oxford University Press
Publication date: 3/5/2009
Binding: Paperback
Pages: 256
Size: 6.50" wide x 9.50" long x 0.50" tall
Weight: 0.748
Language: English

This book describes the theory structure underlying contests, in which players expend effort and/or spend money in trying to get ahead of one another. Uniquely, this effort is sunk and cannot be recovered, regardless of whether a player wins or loses in the competition. Such interactions include diverse phenomena such as marketing and advertising by firms, litigation, relative reward schemes in firms, political competition, patent races, sports, military combat, war and civil war.These have been studied in the field of contest theory both within these specific contexts and at a higher level of abstraction. The purpose of this book is to describe the fundamental common properties of these types of interactions and to uncover some common properties or laws that govern them. The book begins by describing the properties of static contests and tournaments. Aspects such as timing, entry, sabotage and delegation are added and contest design issues such as the admission or exclusion of players and the structure of prizes are discussed. Further, structures are analysed in which players interact repeatedlyin the same or different contest environments. Examples are inter-group conflict followed by intra-group rivalry, elimination tournaments and other dynamic contest structures.

Kai A. Konrad is Professor of Economics at Free University of Berlin and Director at the Social Science Research Center Berlin (WZB).

Preface and Acknowledgements
An Introduction to Contests
A definition
Examples
The structure of the book
Types of Contests
The first-price all-pay auction
Additive noise
The Tullock contest
Experimental evidence
Evolutionary success
Summary
Timing and Participation
Endogenous timing
Voluntary participation
Exclusion
Delegation
Summary
Cost and prize structure
Choice of cost
The structure of prizes
Endogenous prizes
Summary
Externalities
State lotteries and financing public goods
A loser's preference about who wins
Personnel economics and sabotage
Information externalities and campaigning
Inter-group contests and free riding
Conclusions
Nested contests
Exogenous sharing rules
The choice of sharing rules
Intra-group conflict
A strategy of analysis of nested contests
Alliances
The alliance formation puzzle
Solutions to the alliance formation puzzle
Summary
Dynamic battles
The elimination tournament
The race
The tug-of-war
Iterating incumbency fights
Endogenous fighting
Summary: the discouragement effect
Conclusions

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