All-Pay Auctions: Implementation and Optimality
نویسندگان
چکیده
منابع مشابه
All-Pay-All Auctions
We consider a class of auctions in which bidders receive (asymmetric) shares of the amount of money raised. Examples include corporate takeovers when potential acquirers have “toeholds” and auctions used to raise money for a public good. We show that the optimal selling mechanism in these cases is a simple “all-pay-all” auction in which all bidders pay a weighted sum of all bids. When bidders r...
متن کاملDynamic All-pay Auctions¤
In wars of attrition, players choose how long they bid, but not how much. In all-pay auctions, players choose how much to bid, but not for how long. We study an all-pay auction where two players can spread their bids over two periods. The ...rst period bid is used to in‡uence payo¤s and beliefs of the opponent. The analysis reveals who is blu¢ng, creating an impression of strength that lures th...
متن کاملAll-Pay Auctions with Ties
We study the two-player, complete information all-pay auction in which a tie ensues if neither player outbids the other by more than a given amount. In the event of a tie, each player receives an identical fraction of the winning prize. Thus players engage in two margins of competition: losing versus tying, and tying versus winning. Two pertinent parameters are the margin required for victory a...
متن کاملLarge all-pay auctions with IPV bidders
This note analyzes di¤erent types of all-pay auctions when the number of bidders becomes large. We compute the distributions of the highest bids for the rst-price all pay auction and we show that the expected payment made by the winning bidder converges to half of the total payments. In the second-price all-pay auction (the war of attrition), the highest bid amounts to about 35.5 % of the tota...
متن کاملAll-pay auctions—an experimental study
This paper reports the results of a repeated all-pay auction game. The auction form used is the simplest possible, complete information, perfect recall and common value. Our main findings are that in such an auction, over-bidding is quite drastic, and the seller’s revenue depends strongly on the number of bidders in early stages. However, after a few rounds of play, this dependence completely d...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2205697