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Provide a list of different theories used to explain overbidding in contests. b) How would you incorporate the utility of winning into a standard contest

Provide a list of different theories used to explain overbidding in contests. b) How would you incorporate the utility of winning into a standard contest model. c) How would you incorporate the relative payoff maximization (inequality aversion) into a standard contest model. d) How would you re-design the classroom contest experiment to reduce overbidding in contests

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