Optimal sequential contests
研究了序贯竞赛中选手努力信息公开与否对总努力水平的影响，发现完全透明能最大化总努力，且存在先动优势。
I study sequential contests where the efforts of earlier players may be disclosed to later players by nature or by design. The model has many applications, including rent seeking, R&D, oligopoly, public goods provision, and tragedy of the commons. I show that information about other players' efforts increases the total effort. Thus, the total effort is maximized with full transparency and minimized with no transparency. I also show that in addition to the first‐mover advantage, there is an earlier‐mover advantage. Finally, I derive the limits for large contests and discuss the limit to perfectly competitive outcomes under different disclosure rules.