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Less fighting than expected — experiments with wars of attrition and all-pay auctions

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Author Info
Oliver Kirchkamp,

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Abstract

The paper compares with the help of experiments dynamic and static wars of attrition (i.e. second price all-pay auctions) and first-price all-pay auctions. While most experimental studies find overbidding in first-price all-pay auctions, we find underbidding in a similar institution, the war of attrition, in particular if the bidding process is dynamic. We study bids and revenue in different experimental frames and matching procedures and draw a link to the literature on stepwise linear bidding functions

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Publisher Info
Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 0607.

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Date of creation: Jun 2006
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Handle: RePEc:san:crieff:0607

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Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
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Related research
Keywords: War of attrition; dynamic bidding; all-pay auction; stabilisation; volunteer’s dilemma; experiment;

Other versions of this item:

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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References listed on IDEAS
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    Other versions:
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