Multiple Equilibria in Tullock Contests
- Subhasish Chowdhury
- Roman Sheremeta
Economics Letters, vol. 112, pp. 216-219, 2011
We find the sufficient conditions for the existence of multiple equilibria in Tullock-type contests, and show that asymmetric equilibria arise even under symmetric prize and cost structures. We then present existing contests where multiple equilibria exist under reasonably weak conditions.