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13 février 2024
- 2402.08541
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Contests Balancing (Physics) Balance (Physics) Balance Kinetics Dynamical systems Competitions Prize competitions Agency (Philosophy) Agents Person (Philosophy) computing informatisationCiter ce document
Edith Elkind et al., « Continuous-Time Best-Response and Related Dynamics in Tullock Contests with Convex Costs », arXiv - économie
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Résumé
Tullock contests model real-life scenarios that range from competition among proof-of-work blockchain miners to rent-seeking and lobbying activities. We show that continuous-time best-response dynamics in Tullock contests with convex costs converges to the unique equilibrium using Lyapunov-style arguments. We then use this result to provide an algorithm for computing an approximate equilibrium. We also establish convergence of related discrete-time dynamics, e.g., when the agents best-respond to the empirical average action of other agents. These results indicate that the equilibrium is a reliable predictor of the agents' behavior in these games.