Equilibrium existence in contests with bid caps

Wojciech Olszewski; Ron Siegel

doi:10.1016/j.jmateco.2022.102804

Equilibrium existence in contests with bid caps

Wojciech Olszewski, Ron Siegel

Economics

Research output: Contribution to journal › Article › peer-review

1 Scopus citations

Abstract

We prove equilibrium existence in distributional strategies for a general class of multiprize contests, including contests with bid caps. Contests with bid caps violate the assumptions of Reny's (1999) equilibrium existence results as well as those of many other existence results. The equilibrium existence proof we provide for contests with bid caps refers to a special property of such contests, whereas the proof is much more straightforward for contests without a bid cap.

Original language	English (US)
Article number	102804
Journal	Journal of Mathematical Economics
Volume	104
DOIs	https://doi.org/10.1016/j.jmateco.2022.102804
State	Published - Jan 2023

All Science Journal Classification (ASJC) codes

Economics and Econometrics
Applied Mathematics

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10.1016/j.jmateco.2022.102804

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title = "Equilibrium existence in contests with bid caps",

abstract = "We prove equilibrium existence in distributional strategies for a general class of multiprize contests, including contests with bid caps. Contests with bid caps violate the assumptions of Reny's (1999) equilibrium existence results as well as those of many other existence results. The equilibrium existence proof we provide for contests with bid caps refers to a special property of such contests, whereas the proof is much more straightforward for contests without a bid cap.",

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AB - We prove equilibrium existence in distributional strategies for a general class of multiprize contests, including contests with bid caps. Contests with bid caps violate the assumptions of Reny's (1999) equilibrium existence results as well as those of many other existence results. The equilibrium existence proof we provide for contests with bid caps refers to a special property of such contests, whereas the proof is much more straightforward for contests without a bid cap.

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Equilibrium existence in contests with bid caps

Abstract

All Science Journal Classification (ASJC) codes

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