Chowdhury, S.M., Mukherjee, A. and Turocy, T.L. (2022) And the first runner-up is...: comparing winner selection procedures in multi-winner Tullock contests. Review of Economic Design. ISSN 1434-4742
Abstract
We characterise the strategic equivalence among k-winner contests using simultaneous and sequential winner selection. We test this prediction of strategic equivalence using a series of laboratory experiments, contrasting 1-winner contests with 2-winner contests, varying in the latter whether the outcome is revealed sequentially or in a single stage. We find that in the long run, average bidding levels are similar across strategically-equivalent contests. However, adaptation in 2-winner contests is slower and less systematic, which is consistent with the property that simultaneous winner selection results in outcomes that are more random than in the 1-winner case.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © The Author(s) 2022. Open Access: This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. |
Keywords: | lottery contest; multi-winner contests; learning; experiment; strategic equivalence |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Department of Economics (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 26 Oct 2022 14:42 |
Last Modified: | 21 Nov 2022 15:08 |
Status: | Published online |
Publisher: | Springer |
Refereed: | Yes |
Identification Number: | 10.1007/s10058-022-00315-5 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:192370 |