Publication: The n-player Hirshleifer contest
The n-player Hirshleifer contest
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Ewerhart, C., & Sun, G.-Z. (2023). The n-player Hirshleifer contest (No. 361; Working Paper Series / Department of Economics).
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While the game-theoretic analysis of conflict is often based on the assumption of multiplicative noise, additive noise such as considered by Hirshleifer (1989) may be equally plausible depending on the application. In this paper, we examine the equilibrium set of the n-player difference-form contest with heterogeneous valuations. For high and intermediate levels of noise, the equilibrium is in pure strategies, with at most one player being active. For small levels of noise, however, we find a variety of equilibria in which some but no
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Ewerhart, C., & Sun, G.-Z. (2023). The n-player Hirshleifer contest (No. 361; Working Paper Series / Department of Economics).
