An Analysis of the War of Attrition and the All-Pay Auction
AbstractWe study the war of attrition and the all-pay auction when players' signals are affiliated and symmetrically distributed. We (a) find sufficient conditions for the existence of symmetric monotonic equilibrium bidding strategies; and (b) examine the performance of these auction forms in terms of the expected revenue accruing to the seller. Under our conditions the war of attrition raises greater expected revenue than all other known sealed bid auction forms.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 72 (1997)
Issue (Month): 2 (February)
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Web page: http://www.elsevier.com/locate/inca/622869
Other versions of this item:
- Vijay Krishna & John Morgan, 1994. "An Analysis of the War of Attrition and the All-Pay Auction," Game Theory and Information 9409002, EconWPA.
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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