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Modak Chowdhury, Subhasish, Mukherjee, Anwesha and Turocy, Theodore 
ORCID: https://orcid.org/0000-0002-2265-844X
(2020)
That's the ticket: Explicit lottery randomisation and learning in Tullock contests.
Theory and Decision, 88 (3).
405–429.
ISSN 0040-5833
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Abstract
Most laboratory experiments studying Tullock contest games find that bids significantly exceed the risk-neutral equilibrium predictions. We test the generalisability of these results by comparing a typical experimental implementation of a contest against the familiar institution of a ticket-based raffle. We find that in the raffle (1) initial bid levels are significantly lower and (2) bids adjust more rapidly towards expected-earnings best responses. We demonstrate the robustness of our results by replicating them across two continents at two university labs with contrasting student profiles.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | aversion,behavior,conflict,equilibria,experiment,learning,mechanism equivalence,rent-seeking,raffle |
| Faculty \ School: | Faculty of Social Sciences > School of Economics |
| UEA Research Groups: | Faculty of Social Sciences > Research Centres > Centre for Competition Policy Faculty of Social Sciences > Research Centres > Centre for Behavioural and Experimental Social Sciences Faculty of Social Sciences > Research Groups > Behavioural Economics Faculty of Social Sciences > Research Groups > Economic Theory Faculty of Social Sciences > Research Groups > Environment, Resources and Conflict Faculty of Social Sciences > Research Groups > Experimental Economics (former - to 2017) |
| Related URLs: | |
| Depositing User: | LivePure Connector |
| Date Deposited: | 21 Oct 2019 09:30 |
| Last Modified: | 14 Jun 2023 13:56 |
| URI: | https://ueaeprints.uea.ac.uk/id/eprint/72716 |
| DOI: | 10.1007/s11238-019-09731-6 |
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