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1 results

  • 1 - An Introduction to Contests

  • from Part I - Foundations
  • Carmen Beviá, Universidad de Alicante, Luis Corchón, Universidad Carlos III de Madrid
  • Book:
    Contests
    Published online:
    30 May 2024
    Print publication:
    06 June 2024, pp 3-9

  • Summary

    The concept of a contest is introduced, with examples such as political competition, litigation, wars, lobbying, awarding a prize or contract, sports, and patent races. These examples show the wide range of applications of contests, and prepare the reader for the consideration of contests as a field of study in their own right. Additionally, the main game theoretical concepts and the primary tool of this field, the Contest Success Function (CSF), are presented. The CSF, given the expenses/efforts/investments of the contestants, yields the probabilities that the contestants will win the contest or, in the case of a shared prize, the shares of the prize.