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Risk Aversion, Heterogeneity and Contests

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dc.contributor.authorCornes, Richard
dc.contributor.authorHartley, Roger
dc.date.accessioned2015-12-08T22:23:57Z
dc.date.issued2003
dc.date.updated2015-12-08T08:56:38Z
dc.description.abstractWe introduce a novel method of modelling contests that avoids the complexities encountered by the 'best response function' approach. We analyse contests in which (i) there are many risk averse players, (ii) attitudes to risk may differ across individuals, and (iii) the technology that transforms rent-seeking effort into probability of winning may also differ across individuals. We establish that, if every player has a constant degree of absolute risk aversion, a unique equilibrium exists. We also establish comparative static results and examine how the level of rent dissipation is affected by the heterogeneity of attitudes towards risk and the precise nature of the technology.
dc.identifier.issn0048-5829
dc.identifier.urihttp://hdl.handle.net/1885/33093
dc.publisherKluwer Academic Publishers
dc.sourcePublic Choice
dc.titleRisk Aversion, Heterogeneity and Contests
dc.typeJournal article
local.bibliographicCitation.lastpage25
local.bibliographicCitation.startpage1
local.contributor.affiliationCornes, Richard, College of Business and Economics, ANU
local.contributor.affiliationHartley, Roger, University of Manchester
local.contributor.authoruidCornes, Richard, u3759228
local.description.embargo2037-12-31
local.description.notesImported from ARIES
local.identifier.absfor140104 - Microeconomic Theory
local.identifier.ariespublicationu8410019xPUB98
local.identifier.citationvolume117
local.identifier.doi10.1023/A:1026136008608
local.identifier.scopusID2-s2.0-1642539086
local.type.statusPublished Version

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