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portada Resource Allocation Contests: Experimental Evidence
Type
Physical Book
Publisher
Author
Language
English
Pages
32
Format
Paperback
Dimensions
28x21.6x0.2 cm
Weight
0.10 kg.
ISBN13
9781502738950
Categories

Resource Allocation Contests: Experimental Evidence

Federal Trade Commission (Author) · Createspace · Paperback

Resource Allocation Contests: Experimental Evidence - Federal Trade Commission

Out of Stock

Synopsis "Resource Allocation Contests: Experimental Evidence"

Across many forms of rent seeking contests, the impact of risk aversion on equilibrium play is indeterminate. We design an experiment to compare individuals' decisions across three contests which are isomorphic under risk-neutrality, but are typically not isomorphic under other risk preferences. The pattern of individual play across our contests is not consistent with a Bayes-Nash equilibrium for any distribution of risk preferences. We show that replacing the Bayes-Nash equilibrium concept with the quintal response equilibrium, along with heterogeneous risk preferences can produce equilibrium patterns of play that are very similar to the patterns we observe.

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