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Maximum efforts in contests with asymmetric valuations

In: 40 Years of Research on Rent Seeking 1

Author

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  • Kofi O. Nti

    (University of Ghana)

Abstract

Efforts may be reduced when players with different valuations participate in a contest. This paper considers the problem of designing a contest to elicit maximum aggregate effort from players with asymmetric valuations. Optimal designs for different classes of contest technologies are computed and characterized. A value weighted contest is optimal in the concave case. In the unconstrained case, the optimal contest is equivalent to a first price all-pay auction with a reserve price. The optimal design discounts the effort of the high valuation player in order to induce him to compete vigorously.

Suggested Citation

  • Kofi O. Nti, 2004. "Maximum efforts in contests with asymmetric valuations," Springer Books, in: Roger D. Congleton & Arye L. Hillman & Kai A. Konrad (ed.), 40 Years of Research on Rent Seeking 1, pages 581-588, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-79182-9_42
    DOI: 10.1007/978-3-540-79182-9_42
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    More about this item

    Keywords

    Contest design; Asymmetric contests; Rent-seeking;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior

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