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Sequential two-prize contests

  • Aner Sela

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    We study a two-stage all-pay auction with two identical prizes. In each stage, the players compete for one prize. Each player may win either one or two prizes. We analyze the unique subgame-perfect equilibrium of our model with two players where each player’s marginal values for the prizes are decreasing, constant, or increasing. We also analyze an equilibrium of the model with more than two players where each player’s marginal values for the prizes are nonincreasing. Copyright Springer-Verlag 2012

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    File URL: http://hdl.handle.net/10.1007/s00199-010-0547-9
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    Article provided by Springer in its journal Economic Theory.

    Volume (Year): 51 (2012)
    Issue (Month): 2 (October)
    Pages: 383-395

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    Handle: RePEc:spr:joecth:v:51:y:2012:i:2:p:383-395
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    1. Arye L. Hillman & John G. Riley, 1987. "Politically Contestable Rents and Transfers," UCLA Economics Working Papers 452, UCLA Department of Economics.
    2. Kai A. Konrad & Dan Kovenock, 2005. "Equilibrium and Efficiency in the Tug-of-War," CESifo Working Paper Series 1564, CESifo Group Munich.
    3. Dan Kovenock & Michael R. Baye & Casper G. de Vries, 1996. "The all-pay auction with complete information (*)," Economic Theory, Springer, vol. 8(2), pages 291-305.
    4. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2008. "Contests with Rank-Order Spillovers," Working Papers 2008-20, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    5. Kai A. Konrad, 2005. "Silent Interests and All-Pay Auctions," CESifo Working Paper Series 1473, CESifo Group Munich.
    6. Kaplan, T.R. & Luski, I. & Wettstein, D., 2000. "Innovative Activity and Sunk Cost," Papers 2000-6, Tel Aviv.
    7. Barut, Yasar & Kovenock, Dan, 1998. "The symmetric multiple prize all-pay auction with complete information," European Journal of Political Economy, Elsevier, vol. 14(4), pages 627-644, November.
    8. Vijay Krishna & John Morgan, 1994. "An Analysis of the War of Attrition and the All-Pay Auction," Game Theory and Information 9409002, EconWPA.
    9. Kovenock, Dan & Roberson, Brian, 2008. "Is the 50-state strategy optimal?
      [Ist die 50-Staaten-Strategie optimal?]
      ," Discussion Papers, Research Unit: Market Processes and Governance SP II 2008-16, Social Science Research Center Berlin (WZB).
    10. Chen Cohen & Todd R. Kaplan & Aner Sela, 2008. "Optimal rewards in contests," RAND Journal of Economics, RAND Corporation, vol. 39(2), pages 434-451.
    11. Amann, Erwin & Leininger, Wolfgang, 1996. "Asymmetric All-Pay Auctions with Incomplete Information: The Two-Player Case," Games and Economic Behavior, Elsevier, vol. 14(1), pages 1-18, May.
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