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Endogenous reference points in bargaining
(Springer Heidelberg, 2018)
We allow the reference point in (cooperative) bargaining problems with a reference point to be endogenously determined. Two loss averse agents simultaneously and strategically choose their reference points taking into ...
Multi-player race
(Elsevier Science Bv, 2018)
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 ...
Cumulative prospect theory preferences in rent-seeking contests
(Elsevier Science, 2018)
We investigate the equilibrium behavior for agents with cumulative prospect theory preferences in rent-seeking contests. Characterizing the equilibrium effort levels we present results on the existence of equilibrium and ...