From Monopoly to Competition: Optimal Contests Prevail
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Date
2023-06-27
Publication Type
Conference Paper
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yes
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Abstract
We study competition among contests in a general model that allows for an arbitrary and heterogeneous space of contest design and symmetric contestants. The goal of the contest designers is to maximize the contestants' sum of efforts. Our main result shows that optimal contests in the monopolistic setting (i.e., those that maximize the sum of efforts in a model with a single contest) form an equilibrium in the model with competition among contests. Under a very natural assumption these contests are in fact dominant, and the equilibria that they form are unique. Moreover, equilibria with the optimal contests are Pareto-optimal even in cases where other equilibria emerge. In many natural cases, they also maximize the social welfare.
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Publication status
published
External links
Book title
Proceedings of the 37th AAAI Conference on Artificial Intelligence
Journal / series
Volume
37 (5)
Pages / Article No.
5608 - 5615
Publisher
AAAI
Event
AAAI Conference on Artificial Intelligence (AAAI 2023)