Large all-pay auctions with IPV bidders
This note analyzes different types of all-pay auctions when the number of bidders becomes large. We compute the distributions of the highest bids for the first-price all pay auction and we show that the expected payment made by the winning bidder converges to half of the total payments. In the second-price all-pay auction (the war of attrition), the highest bid amounts to about 35.5% of the total revenues. We also compute the payments for all-pay auctions with multiple prizes.
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References listed on IDEAS
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- Milgrom,Paul, 2004.
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- Wojciech Olszewski & Ron Siegel, 2016. "Large Contests," Econometrica, Econometric Society, vol. 84, pages 835-854, 03. Full references (including those not matched with items on IDEAS)
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