论文标题

限制全付比赛的条目

Restricting Entries to All-Pay Contests

论文作者

Sun, Fupeng, Sun, Yanwei, Yan, Chiwei, Jin, Li

论文摘要

我们研究了一场全付竞赛,在争夺奖品之前,在该比赛中过滤了低能力的球员。我们考虑设计师承认一定数量的顶级玩家的设置。被录取的玩家根据自己的能力是最高的信号来更新他们的信念,这导致后端信念,即使在I.I.D.下也是如此。先验,是相关的,并取决于每个玩家的私人能力。我们发现,这种消除机制的所有影响(包括减少被录取的玩家的数量和由此产生的更新信念)都被夸大的能力捕获。当且仅当玩家的真实能力提高时,就存在对称和严格增加的平衡策略。在这种情况下,我们明确表征了独特的严格增加贝叶斯平衡策略。为了关注赢家全能的奖品结构,我们发现每个球员的努力都严格减少,因为承认的数字增加。结果,只能在最大化预期的最高努力方面承认两名球员是最佳选择。最后,在两个阶段的扩展过程中,我们发现不存在对称且严格增加平衡策略。

We study an all-pay contest in which players with low abilities are filtered out before competing for prizes. We consider a setting where the designer admits a certain number of top players. The admitted players update their beliefs based on the signal that their abilities are among the top, which leads to posterior beliefs that, even under i.i.d. priors, are correlated and depend on each player's private ability. We find that all effects of this elimination mechanism -- including the reduction in the number of admitted players and the resulting updated beliefs -- are captured by an inflated ability. A symmetric and strictly increasing equilibrium strategy exists if and only if this inflated ability is increasing in the player's true ability. Under this condition, we explicitly characterize the unique strictly increasing Bayesian equilibrium strategy. Focusing on a winner-take-all prize structure, we find that each admitted player's effort strictly decreases as the admitted number increases. As a result, it is optimal to admit only two players in terms of maximizing the expected highest effort. Finally, in a two-stage extension, we find that there does not exist a symmetric and strictly increasing equilibrium strategy.

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