【 The Digital Star Seminar Series No.22 】Sequential Contests

Date: 17 Jun 2022 (Fri) 
Time: 3:00pm - 4:30pm (Hong Kong Time, UTC+8)
Platform: Tencent Meeting (ID 818-824-993)

Host: Prof. Miaojun Wang (School of Economics, Zhejiang University)

Presenter: Prof. Zenan Wu (Peking University)

Abstract：

This paper provides a general study of a sequential contest modeled as a multi-player incomplete-information all-pay auction. The contest consists of multiple periods. Players arrive and exert efforts sequentially to compete for a prize. They observe the efforts made by their earlier opponents, but not those of their contemporaneous or future rivals. We establish the existence and uniqueness of a symmetric perfect Bayesian equilibrium (PBE) and fully characterize the equilibrium. Based on the equilibrium result, we show that players' ex ante expected efforts are, in general, nonmonotone with respect to their timing positions. However, a later mover always secures a larger ex ante expected payoff. Further, we endogenize the timing of moves and show that all players choose to move in the last period in the unique equilibrium that survives iterated elimination of strictly dominated strategies (IESDS).

Intro to the Presenter:

Zenan Wu is an associate professor at the school of economics, Peking University. His research fields are applied micro theory, industrial organization theory and insurance market. He presided over the National Natural Science Foundation of China (youth and general programs) and served as the director of China information Economics Society. His research results have been published in Theoretical Economics, Journal of Economic Theory, RAND Journal of Economics, American Economic Journal: Microeconomics, Games and Economic Behavior, Journal of Economics & Management Strategy, Journal of Mathematical Economics and other journals.

Organization：

- The Chinese University of Hong Kong-Zhejiang University Joint Research Center for Digital Economy

- China Digital Economy Research Center of School of Economics, Zhejiang University

- Zhejiang University Digital Economy Innovation Research Team

Intro to The Digital Star Seminar Series：

The Digital Star Seminar Series is co-hosted by the China Digital Economy Research Center of School of Economics, Zhejiang University, and the Chinese University of Hong Kong-Zhejiang University Joint Research Center for Digital Economy. This series of seminars will study the development of the digital economy and China's economic transformation based on the practice of China's digital transformation. We will invite domestic and overseas scholars to share and discuss the latest research on the digital economy and the Chinese economy. We hope that this academic platform can become a paradise for the study of the digital economy. More importantly, it can generate insights that significantly impact the digital economy and Chinese economy, which will help promote digital transformation and high-quality economic development in Chinese society.