OVERBIDDING AND HETEROGENEOUS BEHAVIOR IN CONTEST EXPERIMENTS
综述竞赛实验文献，发现过度竞标（中位数72%）和对称参赛者的异质性行为两大现象，并从有限理性、获胜效用、概率扭曲等角度解释原因，提出减少过度竞标的机制和未来研究方向。
Abstract We provide an overview of experimental literature on contests and point out the two main phenomena observed in most contest experiments: (i) overbidding relative to the standard Nash equilibrium prediction and (ii) heterogeneous behavior of ex ante symmetric contestants. Based on the sample of contest experiments that we review, the median overbidding rate is 72%. We provide different explanations for the overbidding phenomenon, including bounded rationality, utility of winning, other‐regarding preferences, probability distortion, and the shape of the payoff function. We also provide explanations for heterogeneous behavior of contestants based on differences in preferences toward winning, inequality, risk and losses, and demographic differences. Furthermore, we suggest mechanisms that can reduce overbidding and induce more homogeneous behavior. Finally, we discuss directions for future research.