Contests with multi-tasking Volkswirtschaft - Open Access LMU - Teil 01/03

    • Education

The standard contest model in which participants compete in a single dimension is well understood and documented. Multi-dimension extensions are possible but are liable to increase the complexity of the contest structure, mitigating one of its main advantages: simplicity. In this paper we propose an extension in which competition ensues in several dimensions and a competitor that wins a certain number of these is awarded a prize. The amount of information needed to run the contest is hence limited to the number of dimensions won by each player. We look at the design of this contest from the point of view of maximizing effort in the contest (per dimension and totally), and show that there will be a tendency to run small contests with few dimensions. The standard Tullock model and its results are encompassed by our framework.

The standard contest model in which participants compete in a single dimension is well understood and documented. Multi-dimension extensions are possible but are liable to increase the complexity of the contest structure, mitigating one of its main advantages: simplicity. In this paper we propose an extension in which competition ensues in several dimensions and a competitor that wins a certain number of these is awarded a prize. The amount of information needed to run the contest is hence limited to the number of dimensions won by each player. We look at the design of this contest from the point of view of maximizing effort in the contest (per dimension and totally), and show that there will be a tendency to run small contests with few dimensions. The standard Tullock model and its results are encompassed by our framework.

Top Podcasts In Education

The Mel Robbins Podcast
Mel Robbins
In Sight - Exposing Narcissism
Katie McKenna & Helen Villiers
TED Talks Daily
TED
The Rich Roll Podcast
Rich Roll
The Maura Rath Podcast
Maura Rath
The Subtle Art of Not Giving a F*ck Podcast
Mark Manson

More by Ludwig-Maximilians-Universität München

Fakultät für Geowissenschaften - Digitale Hochschulschriften der LMU
Ludwig-Maximilians-Universität München
Center for Advanced Studies (CAS) Research Focus EU Business Regulation (LMU) - HD
Center for Advanced Studies (CAS)
MCMP – Metaphysics and Philosophy of Language
MCMP Team
GK Strafrecht II (A-K) SoSe 2020 Satzger
Helmut Satzger
NANO-BIO-PHYSICS SYMPOSIUM 07.09.2019 Day 2
Ludwig-Maximilians-Universität München
NANO-BIO-PHYSICS SYMPOSIUM 06.09.2019 Day 1
Ludwig-Maximilians-Universität München