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Auction Theory from an All-Pay View: Buying Binary Lotteries

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Author Info
Wolfgang Leininger
Abstract

An auction is viewed as a process that in equilibrium generates a binary lottery for each bidder,which the bidder "buys" with his bid. This view allows for a simple way to consistently assess differences in bidding behavior over different bidders and different auctions. E.g. all auctions covered by the Revenue Equivalence Theorem are shown to generate lotteries with identical probabilities, but different pay-offs. It is then argued, that understanding of (experimentally observed) bidding behavior in auctions is enhanced by drawing on the large literature on choice behavior over lotteries.

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Paper provided by University of Dortmund, Department of Economics in its series Discussion Papers in Economics with number 00_06.

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Length: 23 pages
Date of creation: Nov 2000
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Handle: RePEc:mik:wpaper:00_06

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  1. Yasar Barut & Dan Kovenock & Charles N. Noussair, 2002. "A Comparison of Multiple-Unit All-Pay and Winner-Pay Auctions Under Incomplete Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(3), pages 675-708, August. [Downloadable!] (restricted)
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  2. E. Wolfstetter, . "A Simple Solution of Some Auction Games," Sonderforschungsbereich 373 1995-23, Humboldt Universitaet Berlin.
  3. 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.
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  4. Paul Klemperer, 2000. "Applying Auction Theory to Economics," Economics Series Working Papers 001, University of Oxford, Department of Economics. [Downloadable!]
  5. Selten, Reinhard & Abdolkarim Sadrieh & Klaus Abbink, 1995. "Money does Not Induce Risk Neutral Behavior, but Binary Lotteries Do even Worse," Discussion Paper Serie B 343, University of Bonn, Germany.
  6. Krishna, Vijay & Morgan, John, 1997. "An Analysis of the War of Attrition and the All-Pay Auction," Journal of Economic Theory, Elsevier, vol. 72(2), pages 343-362, February. [Downloadable!] (restricted)
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