Jump bidding in ascending auctions: The case of takeover contests
This paper analyses jump bidding in ascending auctions in the case of takeover contests. The free riding condition explains that some jumps can occur driven by the own bidders free-rider condition. We also show that ascending auction can be inefficient.
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- Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
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