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The all-pay auction with non-monotonic payoff

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  • Subhashish Modak Chowdhury

    (University of East Anglia)

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    Abstract

    We analyze an endogenous prize all-pay auction under complete information where it is possible that none of the bidders wins and the winning payoff becomes non-monotonic in own bid. We derive the conditions for the existence of pure strategy equilibria and fully characterize the unique mixed strategy equilibrium when pure strategy equilibria do not exist. The high-valuation bidder places two distinct mass points in his equilibrium mixed strategy and the equilibrium support of the low-valuation bidder is not continuous. Under common valuation, in the equilibrium mixed strategy both bidders place mass points at the same point of the support. Possible applications are discussed.

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    File URL: http://www.uea.ac.uk/documents/166500/0/CBESS-09-09.pdf
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    Bibliographic Info

    Paper provided by School of Economics, University of East Anglia, Norwich, UK. in its series Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) with number 09-09.

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    Date of creation: 01 Dec 2009
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    Handle: RePEc:uea:wcbess:09-09

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    Postal: Norwich NR4 7TI
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    Postal: Helen Chapman, School of Economics, University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ, UK
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    Related research

    Keywords: contests; all-pay auction; no-win; non-monotonicity; pure strategy;

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    Cited by:
    1. Subhashish Modak Chowdhury & Roman M. Sheremeta, 2009. "The equivalence of contests," Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) 09-06, School of Economics, University of East Anglia, Norwich, UK..
    2. Subhasish M. Chowdhury & Dongryul Lee & Iryna Topolyan, 2013. "The Max-Min Group Contest," University of East Anglia Applied and Financial Economics Working Paper Series 050, School of Economics, University of East Anglia, Norwich, UK..

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