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2 results

  • 7 - Dynamic Contests

  • from Part II - Extensions
  • Carmen Beviá, Universidad de Alicante, Luis Corchón, Universidad Carlos III de Madrid
  • Book:
    Contests
    Published online:
    30 May 2024
    Print publication:
    06 June 2024, pp 95-116

  • Summary

    Chapter 7 explores contests that occur in stages, as opposed to the one-shot contests analyzed in previous chapters. Examples of one-shot contests include decisive battles in war and final matches in sports. However, some contests are inherently dynamic, such as lengthy wars, electoral competitions, patent races, sports leagues, and advertising campaigns. Dynamic contest theory is still a developing field, and this chapter focuses on analyzing specific examples of dynamic contests, including Endogenous Timing Contests (where contestants choose when to compete), Elimination Contests (where contestants compete and the winner advances to the next stage), Races (where the first contestant to achieve a certain number of victories wins), Contests with Investments (where current efforts impact future outcomes), and Repeated Contests (where contestants compete repeatedly in the same contest).

Contests
  • Theory and Applications
  • Carmen Beviá, Luis Corchón
  • Published online:
    30 May 2024
    Print publication:
    06 June 2024
  • Contest theory is an important part of game theory used to analyse different types of contests and conflicts. Traditional microeconomic models focus on situations where property rights are well defined, and agents voluntarily trade rights over goods or produce rights for new goods. However, much less focus has been given to other situations where agents do not trade property rights, but rather fight over them. Contests: Theory and Applications presents a state-of-the art discussion of the economics of contests from the perspective of both core theory and applications. It provides a new approach to standard topics in labour, education, welfare and development and introduces areas like voting, industrial organisation, mechanism design, sport, and military conflict. Using elementary mathematics, this book provides a versatile framework for navigating this growing area of study and serves as an essential resource for its wide variety of applications in economics and political science.