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Best-of-three all-pay auctions

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  • Sela, Aner

Abstract

We study a best-of-three all-pay auction. It is shown that with values of winning and without values of losing, this auction is less productive (the players' total expected effort is smaller) than the one-stage all-pay auction. However, with different values of losing over the contest's stages it may be more productive than the one-stage all-pay auction.

Suggested Citation

  • Sela, Aner, 2011. "Best-of-three all-pay auctions," Economics Letters, Elsevier, vol. 112(1), pages 67-70, July.
  • Handle: RePEc:eee:ecolet:v:112:y:2011:i:1:p:67-70
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    References listed on IDEAS

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    1. Konrad, Kai A. & Kovenock, Dan, 2009. "Multi-battle contests," Games and Economic Behavior, Elsevier, vol. 66(1), pages 256-274, May.
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    3. Dan Kovenock & Michael R. Baye & Casper G. de Vries, 1996. "The all-pay auction with complete information (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 291-305.
    4. Christopher Harris & John Vickers, 1987. "Racing with Uncertainty," Review of Economic Studies, Oxford University Press, vol. 54(1), pages 1-21.
    5. Christopher Harris & John Vickers, 1985. "Perfect Equilibrium in a Model of a Race," Review of Economic Studies, Oxford University Press, vol. 52(2), pages 193-209.
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    Cited by:

    1. Klein, Arnd Heinrich & Schmutzler, Armin, 2017. "Optimal effort incentives in dynamic tournaments," Games and Economic Behavior, Elsevier, vol. 103(C), pages 199-224.
    2. David Wettstein & Todd R. Kaplan, 2016. "Two-Stage Contests with Preferences over Style," Working Papers 1607, Ben-Gurion University of the Negev, Department of Economics.
    3. Alex Krumer & Reut Megidish & Aner Sela, 2017. "First-mover advantage in round-robin tournaments," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 48(3), pages 633-658, March.
    4. Aniruddha Bagchi & João Ricardo Faria & Timothy Mathews, 2019. "A model of a multilateral proxy war with spillovers," Public Choice, Springer, vol. 179(3), pages 229-248, June.
    5. Feng, Xin & Lu, Jingfeng, 2018. "How to split the pie: Optimal rewards in dynamic multi-battle competitions," Journal of Public Economics, Elsevier, vol. 160(C), pages 82-95.
    6. Xiandeng Jiang, 2018. "Relative Performance Prizes and Dynamic Incentives in Best-of-N Contests," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 53(3), pages 563-590, November.
    7. Gelder, Alan, 2014. "From Custer to Thermopylae: Last stand behavior in multi-stage contests," Games and Economic Behavior, Elsevier, vol. 87(C), pages 442-466.
    8. Aner Sela & Oz Tsahi, 2020. "On the optimal allocation of prizes in best-of-three all-pay auctions," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 55(2), pages 255-273, August.
    9. Sela, Aner, 2020. "On the Optimal Allocation of Prizes in Best-of-Three All-Pay Auctions," CEPR Discussion Papers 14410, C.E.P.R. Discussion Papers.
    10. Clark, Derek J. & Nilssen, Tore, 2020. "Creating balance in dynamic competitions," International Journal of Industrial Organization, Elsevier, vol. 69(C).
    11. Kaplan, Todd R. & Zamir, Shmuel, 2015. "Advances in Auctions," Handbook of Game Theory with Economic Applications,, Elsevier.
    12. Alex Krumer, 2013. "Best-of-two contests with psychological effects," Theory and Decision, Springer, vol. 75(1), pages 85-100, July.
    13. Peter-J. Jost, 2021. "Competitive Balance and the Away Goals Rule During Extra Time," Journal of Sports Economics, , vol. 22(7), pages 823-863, October.
    14. Aner Sela, 2021. "Resource Allocations In Multi-Stage Contests," Working Papers 2105, Ben-Gurion University of the Negev, Department of Economics.
    15. Krumer, Alex & Megidish, Reut & Sela, Aner, 2014. "Optimal Allocations in Round-Robin Tournaments," CEPR Discussion Papers 9873, C.E.P.R. Discussion Papers.

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