TY - JOUR
T1 - And the first runner-up is...: Comparing winner selection procedures in multi-winner Tullock contests
AU - Chowdhury, Subhasish M.
AU - Mukherjee, Anwesha
AU - Turocy, Theodore L.
N1 - Funding: Open Access funding enabled and organized by Projekt DEAL.
PY - 2022/11/9
Y1 - 2022/11/9
N2 - 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.
AB - 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.
U2 - 10.1007/s10058-022-00315-5
DO - 10.1007/s10058-022-00315-5
M3 - Article
JO - Review of Economic Design
JF - Review of Economic Design
SN - 1434-4742
ER -