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- W1573136809 abstract "In a multi-stage contest known as a two-player race, players display two fundamental behaviors: (1) The laggard will make a last stand in order to avoid the cost of losing; and (2) the player who is ahead will defend his lead if it is threatened. Last stand behavior, in particular, contrasts with previous research where the underdog simply gives up. The distinctive results are achieved by introducing losing penalties and discounting into the racing environment. This framework permits the momentum effect, typically ascribed to the winner of early stages, to be more thoroughly examined. I study the likelihood that the underdog will catch up. I find that neckand-neck races are common when the losing penalty is large relative to the winning prize, while landslide victories occur when the prize is relatively large. Closed-form solutions are given for the case where players have a common winning prize and losing penalty. Chapter 2 then experimentally examines the prediction of last stand behavior in a multi-battle contest with a winning prize and losing penalty, as well as the contrasting prediction of surrendering in the corresponding contest with no penalty. We find varied evidence in support of these hypotheses in the aggregated data, but more conclusive evidence when scrutinizing individual player behavior. Players tend to adopt one of several strategies. We develop a taxonomy to classify player types and study how the different strategies interact. The last stand and surrendering behaviors have implications for winning margins and the likelihood of an upset, which" @default.
- W1573136809 created "2016-06-24" @default.
- W1573136809 creator A5028762139 @default.
- W1573136809 date "2018-11-29" @default.
- W1573136809 modified "2023-09-24" @default.
- W1573136809 title "Multi-stage contests" @default.
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- W1573136809 doi "https://doi.org/10.17077/etd.bo72p5hx" @default.
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