Delegation in first-price all-pay auctions
AbstractIn 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.
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Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 316.
Length: 12 pages
Date of creation: 22 Apr 1999
Date of revision:
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First-price all-pay auctions; contests; strategic delegation;
Other versions of this item:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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