That's the ticket: Explicit lottery randomisation and learning in Tullock contests

Modak Chowdhury, Subhasish, Mukherjee, Anwesha and Turocy, Theodore (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
Related URLs:
Depositing User: LivePure Connector
Date Deposited: 21 Oct 2019 09:30
Last Modified: 30 Sep 2020 23:53
URI: https://ueaeprints.uea.ac.uk/id/eprint/72716
DOI: 10.1007/s11238-019-09731-6

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