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A note on the Exclusion Principle

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  • Bertoletti, Paolo

Abstract

The Exclusion Principle [Baye, M.R., Kovenock, D., de Vries, C.G., 1993. Rigging the lobbying process: an application of the all-pay auction. American Economic Review 83, 289-294] asserts that, in an all-pay auction with fully informed participants, it might be profitable for the seller to exclude those bidders whose valuations are the largest. Menicucci [Menicucci, D., 2006. Banning bidders from all-pay auctions. Economic Theory 29, 89-94] shows that banning (ex ante symmetric) bidders can raise expected revenue also in a setting in which the seller regards valuations as identically and independently distributed. We prove that the latter occurrence cannot arise if valuations are distributed according to a monotonic hazard rate.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 44 (2008)
Issue (Month): 11 (December)
Pages: 1215-1218

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Handle: RePEc:eee:mateco:v:44:y:2008:i:11:p:1215-1218

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Web page: http://www.elsevier.com/locate/jmateco

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Keywords: All-pay auctions Exclusion Principle Monotonic hazard rate Economic theory of lobbying;

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References

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  1. Domenico Menicucci, 2006. "Banning Bidders from All-pay Auctions," Economic Theory, Springer, vol. 29(1), pages 89-94, September.
  2. Baye, Michael R & Kovenock, Dan & de Vries, Casper G, 1993. "Rigging the Lobbying Process: An Application of the All-Pay Auction," American Economic Review, American Economic Association, vol. 83(1), pages 289-94, March.
  3. Dan Kovenock & Michael R. Baye & Casper G. de Vries, 1996. "The all-pay auction with complete information (*)," Economic Theory, Springer, vol. 8(2), pages 291-305.
  4. Paul Klemperer, 2004. "Auctions: Theory and Practice," Economics Series Working Papers 2004-W09, University of Oxford, Department of Economics.
  5. Paul Klemperer, 2004. "Introduction to Auctions: Theory and Practice
    [Auctions: Theory and Practice]
    ," Introductory Chapters, Princeton University Press.
  6. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  7. Arye L. Hillman & John G. Riley, 1989. "Politically Contestable Rents And Transfers," Economics and Politics, Wiley Blackwell, vol. 1(1), pages 17-39, 03.
  8. Mark Bagnoli & Ted Bergstrom, 2005. "Log-concave probability and its applications," Economic Theory, Springer, vol. 26(2), pages 445-469, 08.
  9. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
  10. Yeon-Koo Che & Ian Gale, 1998. "Caps on Political Lobbying," Microeconomics 9809003, EconWPA.
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Cited by:
  1. Bertoletti, Paolo, 2006. "On the reserve price in all-pay auctions with complete information and lobbying games," MPRA Paper 1083, University Library of Munich, Germany.

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