All-Pay Auctions with Budget Constraints
AbstractConsider an all-pay auction with interdependent, affiliated valuations and private budget constraints. We characterize a symmetric equilibrium for the case of two players. In contrast with the second-price auction, making budgets more severe can depress the bids of unconstrained bidders
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 30468.
Date of creation: 20 Mar 2011
Date of revision:
All-Pay Auction; Budget Constraints; Lobbying; War of Attrition; Common Values; Private Values;
Find related papers by JEL classification:
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-04-30 (All new papers)
- NEP-CTA-2011-04-30 (Contract Theory & Applications)
- NEP-MKT-2011-04-30 (Marketing)
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