Wednesday, November 8, 2017 - 16:00
MS2, Top Floor, Logic House, South Campus
Title: Equilibrium Existence and Expected Payoffs in All-Pay Contests with Constraints
Abstract: This paper introduces constraints on player choices in a broad class of all-pay contests by allowing for upper bounds on players’strategy sets. It proves the existence of equilibrium and derives simple closed-form formulae for players’ expected payoffs in any equilibrium. These formulae are straightforward to calculate in applications and do not require the derivation of the equilibrium or equilibria.