Contest theory is an important part of game theory used to analyse different types of contests and conflicts. Traditional microeconomic models focus on situations where property rights are well defined, and agents voluntarily trade rights over goods or produce rights for new goods. However, much less focus has been given to other situations where agents do not trade property rights, but rather fight over them. Contests: Theory and Applications presents a state-of-the art discussion of the economics of contests from the perspective of both core theory and applications. It provides a new approach to standard topics in labour, education, welfare and development and introduces areas like voting, industrial organisation, mechanism design, sport, and military conflict. Using elementary mathematics, this book provides a versatile framework for navigating this growing area of study and serves as an essential resource for its wide variety of applications in economics and political science.

‘Carmen Beviá and Luis Corchón’s Contests: Theory and Applications is a must-read introduction to contest theory. With clarity and depth, accessible yet rigorous, their book covers key concepts and real-world examples, from political campaigns to sports tournaments. Their work demonstrates how fruitfully economic theory can contribute to our understanding of conflict, making it an essential reading for anyone interested in learning and teaching about competitive dynamics.’

Santiago Sanchez-Pages - King's College London

‘Contests: Theory and Applications by Carmen Beviá and Luis C. Corchón masterfully demystifies the dynamics of competition across disciplines. This insightful tome bridges theoretical foundations with practical insights, making it indispensable for scholars and curious minds alike. It eloquently unveils the strategic complexities of contests, enriching readers’ understanding of their pervasive influence on society.’

Jingfeng Lu - National University of Singapore

‘From sporting events to wars, Beviá and Corchón's comprehensive analysis sheds light on the strategic behavior that shapes our social and economic landscapes, and on possible policies such as affirmative action that can improve it. For researchers seeking to master the nuances of contest theory, Contests: Theory and Applications is an indispensable companion, while, for teachers, this book will be an invaluable resource that encompasses theory, application, and exercises. Engaging, insightful, and eminently readable, dive deeper into contest theory with this essential guide!’

Subhasish M. Chowdhury - Professor of Economics, University of Sheffield