Level-k Models and Overspending in Contests
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DOI: 10.3390/g13030045
Abstract: The experimental evidence on contests often reports overspending of contest participants compared to the theoretical Nash equilibrium outcome. We show that a standard level-k model may rationalize overspending in contests. This result complements the existing… read more here.
Keywords: contest; models overspending; level; overspending contests ... See more keywords