Multi-Player Race

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Date

2018

Authors

Dogan, Serhat
Karagozoglu, Emin
Keskin, Kerim
Saglam, Cagri

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Publisher

Elsevier Science Bv

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Abstract

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 any effort anymore. This turns the continuation game into a two-player race. This is different than the results in previous two-player models of race which report that all states of the game are reached with positive probabilities. We also provide a set of comparative static results on the effects of the number of players and the victory threshold. (C) 2018 Elsevier B.V. All rights reserved.

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Keywords

Contests, Discouragement effect, Dynamic games, Momentum effect, Race

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Fields of Science

Citation

6

WoS Q

Q3

Scopus Q

Q1

Source

Volume

149

Issue

Start Page

123

End Page

136