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SUMMARY:How to divide prize money? - Dr Milan Vojnovic (Microsoft Research
 )
DTSTART:20150202T203000Z
DTEND:20150202T213000Z
UID:TALK57617@talks.cam.ac.uk
CONTACT:32680
DESCRIPTION:The question of how to split a prize purse between position pr
 izes in a contest has a long and rich history going all the way back to th
 e work by Galton (1902). The economists' approach to this question is to a
 ssume that contestants strategically invest efforts aiming at selfishly ma
 ximizing their payoffs\, which combine in some way the value of winning a 
 prize and the cost of production. How should a contest owner split a prize
  purse with the goal of maximizing the expected total effort in an equilib
 rium? What if the goal is to maximize the expected maximum individual effo
 rt?
LOCATION:Winstanley Lecture Theatre\, Trinity College
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