INFORMATION AND ENDOGENOUS DELEGATION IN A RENT‐SEEKING CONTEST
研究了寻租竞赛中为何会出现委托现象，分析了在奖品价值不确定且可私下观察时，参与者是否选择委托人的均衡条件。
We offer a new explanation for the occurrence of delegation in rent‐seeking contests. We consider a two‐player contest for a prize of common value. The players only know that the prize is high or low, with given probabilities. Each player can hire a delegate to act on his behalf. After a delegate is hired, she privately observes the true value of the prize. We derive the conditions under which, respectively, no player, only one player, or both players delegate in equilibrium.