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1 - An Introduction to Contests

from Part I - Foundations

Published online by Cambridge University Press:  30 May 2024

Carmen Beviá  and
Luis Corchón
Carmen Beviá
Affiliation:
Universidad de Alicante
Luis Corchón
Affiliation:
Universidad Carlos III de Madrid
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Summary

The concept of a contest is introduced, with examples such as political competition, litigation, wars, lobbying, awarding a prize or contract, sports, and patent races. These examples show the wide range of applications of contests, and prepare the reader for the consideration of contests as a field of study in their own right. Additionally, the main game theoretical concepts and the primary tool of this field, the Contest Success Function (CSF), are presented. The CSF, given the expenses/efforts/investments of the contestants, yields the probabilities that the contestants will win the contest or, in the case of a shared prize, the shares of the prize.

Keywords

contestnormal form gamescontest success functionNash equilibrium
Type
Chapter
Information
Contests
Theory and Applications
 , pp. 3 - 9
Publisher: Cambridge University Press
Print publication year: 2024

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