Konrad, Kai A. (Free University of Berlin) Peters, Wolfgang (The European University Viadrina) Wärneryd, Karl () (Dept. of Economics, Stockholm School of Economics)
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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.
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Length: 12 pages Date of creation: 22 Apr 1999 Date of revision: Handle: RePEc:hhs:hastef:0316
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Find related papers by JEL classification: D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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