Multi-player race
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Date
2018
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Elsevier Science Bv
Open Access Color
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Abstract
We present a model of race with multiple players and study players' effort choices and expected prizes in equilibrium. We show that in equilibrium once any two players win one battle each the remaining players do not exert any effort anymore. This turns the continuation game into a two-player race. This is different than the results in previous two-player models of race which report that all states of the game are reached with positive probabilities. We also provide a set of comparative static results on the effects of the number of players and the victory threshold. (C) 2018 Elsevier B.V. All rights reserved.
Description
Keywords
Contests, Discouragement effect, Dynamic games, Momentum effect, Race
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Fields of Science
Citation
6
WoS Q
Q3
Scopus Q
Q1
Source
Volume
149
Issue
Start Page
123
End Page
136