| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7471 |
| DP7471 Why Agnostic Sign Restrictions Are Not Enough: Understanding the Dynamics of Oil Market VAR Models | |
| Lutz Kilian; Daniel Murphy | |
| 发表日期 | 2009-09-20 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We study an all-pay contest with multiple identical prizes ("lifeboat seats"). Prizes are partitioned into subsets of prizes ("lifeboats"). Players play a two-stage game. First, each player chooses an element of the partition ("a lifeboat"). Then each player competes for a prize in the subset chosen ("a seat"). We characterize and compare the subgame perfect equilibria in which all players employ pure strategies or all players play identical mixed strategies in the first stage. We find that the partitioning of prizes allows for coordination failure among players when they play nondegenerate mixed strategies and this can shelter rents and reduce rent dissipation compared to some of the less efficient pure strategy equilibria. |
| 主题 | Public Economics |
| 关键词 | All-pay contest Multiple prizes Rent dissipation Lifeboat |
| URL | https://cepr.org/publications/dp7471 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536291 |
| 推荐引用方式 GB/T 7714 | Lutz Kilian,Daniel Murphy. DP7471 Why Agnostic Sign Restrictions Are Not Enough: Understanding the Dynamics of Oil Market VAR Models. 2009. |
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