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Cross and Double Cross: Comparative Statics in First Price and All Pay Auctions

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Author Info

  • Hopkins Ed

    ()
    (University of Edinburgh)

  • Kornienko Tatiana

    ()
    (University of Stirling)

Abstract

This paper analyses comparative statics for first price auctions and all pay auctions with independent private values. In all pay auctions, bidders with low values will respond to a stochastically higher (in the sense of likelihood ratio dominance) distribution of types by playing less aggressively while high value bidders bid more. In the first price auction, a similar change results in all types playing more aggressively. Furthermore, we show that a decrease in dispersion of values, in the sense of a refinement of second order stochastic dominance, although also associated with an increase in competitiveness, may in addition result in less aggressive play by bidders with high values in both auction forms. We also find similar considerations in an oligopoly game with incomplete information: stochastically lower costs can lead to higher prices.

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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 7 (2007)
Issue (Month): 1 (May)
Pages: 1-25

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Handle: RePEc:bpj:bejtec:v:7:y:2007:i:1:n:19

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Cited by:
  1. Ed Hopkins, 2008. "Rank-Based Methods for the Analysis of Auctions," Levine's Bibliography 122247000000001900, UCLA Department of Economics.
  2. Kirkegaard, René, 2009. "Asymmetric first price auctions," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1617-1635, July.
  3. Thomas Giebe & Paul Schweinzer, 2013. "All-pay-all Aspects of Political Decision Making," CESifo Working Paper Series 4330, CESifo Group Munich.
  4. de Castro, Luciano I. & de Frutos, María-Angeles, 2010. "How to translate results from auctions to procurements," Economics Letters, Elsevier, vol. 106(2), pages 115-118, February.
  5. René Kirkegaard, 2007. "Comparative Statics and Welfare in Heterogeneous Contests: Bribes, Caps, and Performance Thresholds," Working Papers 0702, Brock University, Department of Economics.
  6. Thomas Giebe & Paul Schweinzer, . "All-pay aspects of decision making under public scrutiny," Discussion Papers 11/27, Department of Economics, University of York.

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