Equilibria in rent-seeking contests with homogeneous success functions (Q818522): Difference between revisions

The authors consider symmetric rent-seeking contests and assume that the contest success function satisfies a natural collection of properties, including homogeneity of degree zero. In these conditions they prove that if a symmetric pure-strategy Nash equilibrium exists, then this equilibrium is unique. Moreover, a sufficient condition for the existence of such equilibrium is obtained. Finally, the authors consider two specific contest success functions taken from the literature. In both cases the required properties are satisfied and the results provided are used to look for symmetric pure-strategy Nash equilibria.