Competing for the Attention of Decision Makers
نویسنده
چکیده
A decision maker (DM) prefers to allocate a limited number of prizes to the “highest-quality” agents. Although the DM is initially uniformed about quality, she can learn about quality through a review process before awarding prizes. Due to time constraints, however, the DM is unable to review all agents before making a decision. The method by which the DM allocates her limited attention affects her ability to learn about and implement her optimal prize allocation. We introduce a novel mechanism by which the DM may allocate her attention: “Contests for Attention.” In such a contest, agents make costly payments (e.g., time, money, effort) in competition for the DM’s limited attention. In equilibrium, the DM infers that agents that make high payments must be higher quality than similar agents who make lower payments. The DM fully infers agent quality from their payments, and becomes informed about the quality of all agents, even though she only reviews some of them. The analysis characterizes the set of full-information contest mechanisms, including the payment-maximizing contest. In the political framework, our results have implications for campaign finance reform and limiting interest group access to politicians.
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