A note on the Exclusion Principle
The Exclusion Principle [Baye, M.R., Kovenock, D., de Vries, C.G., 1993. Rigging the lobbying process: an application of the all-pay auction. American Economic Review 83, 289-294] asserts that, in an all-pay auction with fully informed participants, it might be profitable for the seller to exclude those bidders whose valuations are the largest. Menicucci [Menicucci, D., 2006. Banning bidders from all-pay auctions. Economic Theory 29, 89-94] shows that banning (ex ante symmetric) bidders can raise expected revenue also in a setting in which the seller regards valuations as identically and independently distributed. We prove that the latter occurrence cannot arise if valuations are distributed according to a monotonic hazard rate.
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- Kovenock, D. & de Vries, C.G., 1995.
"The All-Pay Auction with Complete Information,"
UFAE and IAE Working Papers
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1002, Purdue University, Department of Economics.
- Baye, Michael R & Kovenock, Dan & de Vries, Casper G, 1993. "Rigging the Lobbying Process: An Application of the All-Pay Auction," American Economic Review, American Economic Association, vol. 83(1), pages 289-94, March.
- Baye, M.R. & Kovenock, D. & De Vries, C.G., 1992. "Rigging the Lobbying Process: An Application of the All- Pay Auction," Papers 9-92-2, Pennsylvania State - Department of Economics.
- McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
- Mark Bagnoli & Ted Bergstrom, 2005.
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- Paul Klemperer, 2004. "Introduction to Auctions: Theory and Practice," Introductory Chapters, in: Auctions: Theory and Practice Princeton University Press.
- Domenico Menicucci, 2006. "Banning Bidders from All-pay Auctions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 89-94, September.
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