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Large all-pay auctions with IPV bidders

Listed author(s):
  • Murto, Pauli
  • Välimäki, Juuso
Registered author(s):

    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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    File URL: http://www.sciencedirect.com/science/article/pii/S0022053117300388
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    Article provided by Elsevier in its journal Journal of Economic Theory.

    Volume (Year): 169 (2017)
    Issue (Month): C ()
    Pages: 629-640

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    Handle: RePEc:eee:jetheo:v:169:y:2017:i:c:p:629-640
    DOI: 10.1016/j.jet.2017.03.008
    Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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    1. Bali, Valentina & Jackson, Matthew, 2002. "Asymptotic Revenue Equivalence in Auctions," Journal of Economic Theory, Elsevier, vol. 106(1), pages 161-176, September.
    2. Krishna, Vijay, 2009. "Auction Theory," Elsevier Monographs, Elsevier, edition 2, number 9780123745071.
    3. Wojciech Olszewski & Ron Siegel, 2016. "Large Contests," Econometrica, Econometric Society, vol. 84, pages 835-854, March.
    4. Paul Klemperer & Jeremy Bulow, 1999. "The Generalized War of Attrition," American Economic Review, American Economic Association, vol. 89(1), pages 175-189, March.
    5. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521536721, December.
    6. Wolfgang Pesendorfer & Jeroen M. Swinkels, 1997. "The Loser's Curse and Information Aggregation in Common Value Auctions," Econometrica, Econometric Society, vol. 65(6), pages 1247-1282, November.
    7. Krishna, Vijay & Morgan, John, 1997. "An Analysis of the War of Attrition and the All-Pay Auction," Journal of Economic Theory, Elsevier, vol. 72(2), pages 343-362, February.
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