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Delegation in first-price all-pay auctions

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Author Info

  • Kai A. Konrad

    (Social Science Center Berlin (WZB), Germany, and Department of Economics, Free University of Berlin, Germany)

  • Wolfgang Peters

    (Department of Economics, European University Viadrina, Germany)

  • Karl Wärneryd

    (Department of Economics, Stockholm School of Economics, Sweden)

Abstract

In a first-price all-pay auction buyers have an incentive to delegate the bidding to agents and to provide these agents with incentives to make bids that differ from the bids the buyers would like to make. Both buyers are better off in this strictly non-cooperative delegation equilibrium and the delegation contracts are asymmetric, even if the buyers and the auction are perfectly symmetric. Copyright © 2004 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1182
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 25 (2004)
Issue (Month): 5 ()
Pages: 283-290

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Handle: RePEc:wly:mgtdec:v:25:y:2004:i:5:p:283-290

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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References

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  1. Baye, M.R. & Kovenock, D. & De Vries, C., 1992. "The All-Pay Auction with Complete Information," Papers 8-92-1, Pennsylvania State - Department of Economics.
  2. Stanley M. Besen & Joseph Farrell, 1994. "Choosing How to Compete: Strategies and Tactics in Standardization," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 117-131, Spring.
  3. Ellingsen, Tore, 1991. "Strategic Buyers and the Social Cost of Monopoly," American Economic Review, American Economic Association, vol. 81(3), pages 648-57, June.
  4. Arye L. Hillman & John G. Riley, 1989. "Politically Contestable Rents And Transfers," Economics and Politics, Wiley Blackwell, vol. 1(1), pages 17-39, 03.
  5. Baik, Kyung Hwan & Kim, In-Gyu, 1997. "Delegation in contests," European Journal of Political Economy, Elsevier, vol. 13(2), pages 281-298, May.
  6. Wärneryd, Karl, 1997. "Distributional Conflict and Jurisdictional Organization," Working Paper Series in Economics and Finance 173, Stockholm School of Economics.
  7. Nitzan, Shmuel, 1994. "Modelling rent-seeking contests," European Journal of Political Economy, Elsevier, vol. 10(1), pages 41-60, May.
  8. Konrad, Kai A., 2000. "Spatial contests," International Journal of Industrial Organization, Elsevier, vol. 18(6), pages 965-974, August.
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Cited by:
  1. Rosar, Frank, 2013. "Optimal procurement and outsourcing of production in small industries," Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79812, Verein für Socialpolitik / German Economic Association.
  2. Johannes Münster, 2007. "Contests with investment," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(8), pages 849-862.
  3. Matthias Kräkel, 2004. "R&D spillovers and strategic delegation in oligopolistic contests," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 25(3), pages 147-156.
  4. Stefan Brandauer & Florian Englmaier, 2006. "A Model of Strategic Delegation in Contests between Groups," CESifo Working Paper Series 1654, CESifo Group Munich.
  5. Huck, Steffen & Konrad, Kai A. & Müller, Wieland, 2000. "Divisionalization in contests," SFB 373 Discussion Papers 2000,9, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  6. Matthias Kräkel & Dirk Sliwka, 2002. "Strategic Delegation and Mergers in Oligopolistic Contests," Bonn Econ Discussion Papers bgse2_2002, University of Bonn, Germany.
  7. Amegashie, J. Atsu & Kutsoati, Edward, 2007. "(Non)intervention in intra-state conflicts," European Journal of Political Economy, Elsevier, vol. 23(3), pages 754-767, September.

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