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Contests with Linear Externality in Prizes
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- Authors
- Issue Date
- 2019-07
- Citation
- Seoul Journal of Economics, Vol.32 No.3, pp. 323-336
- Keywords
- Group contest ; Linear externality in prize ; Intra-group sharing rule ; Private information on sharing rules ; Public information on sharing rules
- Abstract
- This study examines contests in which prizes are affected linearly by aggregate effort. In particular, this research analyzes a contest among individuals as a benchmark to scrutinize the effects of prize externality and sharing-rule information on rent-dissipation rate and social welfare. Thereafter, the current study investigates two types of group contest with linear prize externality: one with private information on intra-group sharing rules and the other with public information on intra-group sharing rules. Results indicate as follows. (1) An increase in prize externality increases rent-dissipation rate but has no effect on social welfare. (2) The group contest with private information on sharing rules yields higher social welfare and lower rent-dissipation rate than the one with public information on sharing rules.
- ISSN
- 1225-0279
- Language
- English
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