Choosing fair lotteries to defeat the competition
Publication
, Journal Article
Wagman, L; Conitzer, V
Published in: International Journal of Game Theory
February 1, 2012
We study the following game: each agent i chooses a lottery over nonnegative numbers whose expectation is equal to his budget b i. The agent with the highest realized outcome wins (and agents only care about winning). This game is motivated by various real-world settings where agents each choose a gamble and the primary goal is to come out ahead. Such settings include patent races, stock market competitions, and R&D tournaments. We show that there is a unique symmetric equilibrium when budgets are equal. We proceed to study and solve extensions, including settings where agents choose their budgets (at a cost) and where budgets are private information. © 2011 Springer-Verlag.
Duke Scholars
Published In
International Journal of Game Theory
DOI
ISSN
0020-7276
Publication Date
February 1, 2012
Volume
41
Issue
1
Start / End Page
91 / 129
Related Subject Headings
- Economic Theory
- 4901 Applied mathematics
- 3803 Economic theory
- 3801 Applied economics
- 1401 Economic Theory
- 0104 Statistics
- 0102 Applied Mathematics
Citation
APA
Chicago
ICMJE
MLA
NLM
Wagman, L., & Conitzer, V. (2012). Choosing fair lotteries to defeat the competition. International Journal of Game Theory, 41(1), 91–129. https://doi.org/10.1007/s00182-011-0275-9
Wagman, L., and V. Conitzer. “Choosing fair lotteries to defeat the competition.” International Journal of Game Theory 41, no. 1 (February 1, 2012): 91–129. https://doi.org/10.1007/s00182-011-0275-9.
Wagman L, Conitzer V. Choosing fair lotteries to defeat the competition. International Journal of Game Theory. 2012 Feb 1;41(1):91–129.
Wagman, L., and V. Conitzer. “Choosing fair lotteries to defeat the competition.” International Journal of Game Theory, vol. 41, no. 1, Feb. 2012, pp. 91–129. Scopus, doi:10.1007/s00182-011-0275-9.
Wagman L, Conitzer V. Choosing fair lotteries to defeat the competition. International Journal of Game Theory. 2012 Feb 1;41(1):91–129.
Published In
International Journal of Game Theory
DOI
ISSN
0020-7276
Publication Date
February 1, 2012
Volume
41
Issue
1
Start / End Page
91 / 129
Related Subject Headings
- Economic Theory
- 4901 Applied mathematics
- 3803 Economic theory
- 3801 Applied economics
- 1401 Economic Theory
- 0104 Statistics
- 0102 Applied Mathematics