Abstract
In this article, I analyze a class of contest success functions (CSFs) that satisfy Luce's Choice Axiom. I show that the functional forms of these CSFs can be fully identified if they are characterized by a partial differential equation (PDE), which has several intuitive economic interpretations. This PDE approach provides foundations for popular CSFs and their generalizations.
Original language | English |
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Article number | 32 |
Journal | B.E. Journal of Theoretical Economics |
Volume | 10 |
Issue number | 1 |
DOIs | |
Publication status | Published - 2010 |
Externally published | Yes |
Keywords
- contest success functions
- Luce's Choice Axiom
- partial differential equation
ASJC Scopus subject areas
- General Economics,Econometrics and Finance