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 |
|---|---|
| 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