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Multi-player contests with asymmetric information

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  • Karl Wärneryd

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Abstract

We consider imperfectly discriminating, common-value, all-pay auctions (or contests) in which some players know the value of the prize, others do not. We show that if the prize is always of positive value, then all players are active in equilibrium. If the prize is of value zero with positive probability, then there is some threshold number of informed players such that if there are less, all uninformed players are active, and otherwise all uninformed players are inactive. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s00199-009-0472-y
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 51 (2012)
Issue (Month): 2 (October)
Pages: 277-287

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Handle: RePEc:spr:joecth:v:51:y:2012:i:2:p:277-287

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Related research

Keywords: Contests; All-pay auctions; Asymmetric information; C72; D44; D72; D82; K41;

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References

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  1. Warneryd, Karl, 2003. "Information in conflicts," Journal of Economic Theory, Elsevier, vol. 110(1), pages 121-136, May.
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  14. Tullock, Gordon, 1975. "On the Efficient Organization of Trials," Kyklos, Wiley Blackwell, vol. 28(4), pages 745-62.
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Citations

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Cited by:
  1. Wasser, Cédric, 2013. "A note on Bayesian Nash equilibria in imperfectly discriminating contests," Mathematical Social Sciences, Elsevier, vol. 66(2), pages 180-182.
  2. Kai Konrad & Dan Kovenock, 2012. "Introduction," Economic Theory, Springer, vol. 51(2), pages 241-245, October.
  3. Ezra Einy & Ori Haimanko & Diego Moreno & A. Sela & Benyamin Shitovitz, 2013. "Tullock contests with asymmetric information," Economics Working Papers we1314, Universidad Carlos III, Departamento de Economía.
  4. YILDIRIM, Mustafa, 2013. "Accuracy in Contests: Players' Perspective," Working Paper Series in Economics and Finance 746, Stockholm School of Economics, revised 24 Sep 2013.
  5. Einy, E & Haimanko, O & Moreno, D & Sela, A & Shitovitz, B, 2013. "Tullock Contests with Asymmetric Information," Discussion Papers 2013-11, Graduate School of Economics, Hitotsubashi University.
  6. Ezra Einy & Ori Haimanko & Ram Orzach & Aner Sela, 2013. "Common-Value All-Pay Auctions With Asymmetric Information," Working Papers 1306, Ben-Gurion University of the Negev, Department of Economics.
  7. Alexander Matros & Alex Possajennikov, . "Common Value Allocation Mechanisms with Private Information: Lotteries or Auctions?," Discussion Papers 2014-07, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  8. Fu, Qiang & Gürtler, Oliver & Münster, Johannes, 2013. "Communication and commitment in contests," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 1-19.
  9. Wärneryd, Karl, 2013. "Common-value contests with asymmetric information," Economics Letters, Elsevier, vol. 120(3), pages 525-527.
  10. Ezra Einy & Ori Haimanko & Diego Moreno & Aner Sela & Benyamin Shitovitz, 2013. "Tullock Contests With Asymmetric Information," Working Papers 1303, Ben-Gurion University of the Negev, Department of Economics.

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