Abstract
Many interesting phenomena (electoral competition, R&D races, lobbying) are instances of multiple simultaneous contests with unconditional commitment of limited resources. Specifically, the following game is analyzed. Two players compete in a number of simultaneous contests. The players have limited resources (budgets) and must decide how to allocate these to the different contests. In each contest the player who expends more resources than his adversary wins a corresponding prize. Mixed-strategy equilibria are characterized in the case of identical values and budgets and the connections with the classical Blotto game are analyzed.
| Original language | English |
|---|---|
| Pages (from-to) | 738-748 |
| Number of pages | 11 |
| Journal | Journal of Economic Theory |
| Volume | 136 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - 2007 Sep 1 |
| Externally published | Yes |
Keywords
- All-pay auctions
- Blotto game
- Budget restrictions
- Contests
ASJC Scopus subject areas
- Economics and Econometrics
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Cite this
Kvasov, D. (2007). Contests with limited resources. Journal of Economic Theory, 136(1), 738-748. https://doi.org/10.1016/j.jet.2006.06.007