Multiple Equilibria in Tullock Contests
9 Pages Posted: 6 Mar 2011
Date Written: September 16, 2010
We find the sufficient conditions for the existence of multiple equilibria in Tullock-type contests and show that asymmetric equilibria may arise even under symmetric prize and cost structures. We also identify contests in the literature where multiple equilibria exist under reasonably weak conditions.
Keywords: Rent-Seeking, Contest, Asymmetric Equilibrium, Multiple Equilibria
JEL Classification: C62, C72, D72, D74
Suggested Citation: Suggested Citation