Budget-constrained multi-battle contests: A new perspective and analysis

We model and study such budget-constrained multi-battle contests where each component battle is a sequential first-price or all-pay auction. We focus on analyzing the 2-player budget ratio that guarantees a player's winning against the other omnipotent player. In the settings considered, we find the optimal budget ratios and the corresponding bidding strategies. Our definition of game, budget constraints, and emphasis on budget analyses provide a new perspective and analysis for multi-battle contests.