We report the results of an experiment on two-stage contests with budget-constrained agents competing to win an exogenously determined prize. In stage 1, agents first compete within their own groups by expending resources, and then in stage 2 the winners of each group compete with one another to win the prize by expending additional resources subject to the budget constraint. Winners in each stage are determined by Tullock's proportional contest success function. We present the subgame perfect equilibrium sol…
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