Total effort, competitive balance and the optimal contest success function |
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Authors: | Marco Runkel |
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Affiliation: | aDepartment of Economics, University of Munich, Ludwigstr. 28, 80539 Munich, Germany;bCESifo, Munich, Germany |
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Abstract: | This paper shows that, in the constrained case, the value weighted contest success function (CSF) maximizes not only total effort, but every objective function which is increasing in total effort and competitive balance. In the unconstrained case, a first price all-pay auction with a reserve price is optimal only if the impact of competitive balance on the objective is small. Otherwise, a modified value weighted CSF is optimal. |
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Keywords: | Competitive balance Contest success function Effort |
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