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Tournaments with multi-tasking
(Working paper; Arbeidsnotat, 2005-08)
The standard contest model in which participants compete in a single dimension is well
understood and documented. In this paper we propose an extension in which competition
ensues in several dimensions and a competitor that wins a certain number of these is
awarded a prize. We look at the design of this contest from the point of view of
maximizing effort in the contest (per dimension and totally), ...
Fragmented property rights, R & D and market structure
(Working paper; Arbeidsnotat, 2005-04)
Fragmented property rights can be a factor that limits firms’ willingness
to invest in the development and commercialization of new
products. This paper studies the interaction between markets for
products and markets for intellectual property rights (patents) where
product innovation requires several complementary patents, each of
which is obtained as the result of a patent race. We show that ...
The all-pay auction with cross-shareholdings
(Working paper; Arbeidsnotat, 2007-02)
We consider an all-pay auction between several firms under asymmetric
information in which each firm owns a share in its rival. We characterize
the equilibrium and show how much these cross-shareholdings serve to
dampen competition. Additionally, we explain why the well known relationship
between the equilibrium strategies of the standard first price and
all-pay auctions breaks down in our setting.