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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. Michael Baye & Dan Kovenock & Casper Vries, 2012. "Contests with rank-order spillovers," Economic Theory, Springer, vol. 51(2), pages 315-350, October.
    2. 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).
    3. Vijay Krishna & John Morgan, 1994. "An Analysis of the War of Attrition and the All-Pay Auction," Game Theory and Information 9409002, EconWPA.
    4. Konrad, Kai A., 2005. "Silent Interests and All-Pay Auctions," Discussion Papers 2005/8, Free University Berlin, School of Business & Economics.
    5. Chen Cohen & Todd R. Kaplan & Aner Sela, 2008. "Optimal rewards in contests," RAND Journal of Economics, RAND Corporation, vol. 39(2), pages 434-451.
    6. Kovenock, D. & de Vries, C.G., 1995. "The All-Pay Auction with Complete Information," UFAE and IAE Working Papers 311.95, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    7. Konrad, Kai Andreas & Kovenock, Daniel J., 2005. "Equilibrium and efficiency in the tug-of-war
      [Gleichgewicht und Effizienz im "Tug of War"]
      ," Discussion Papers, Research Unit: Market Processes and Governance SP II 2005-14, Social Science Research Center Berlin (WZB).
    8. Kaplan, T.R. & Luski, I. & Wettstein, D., 2000. "Innovative Activity and Sunk Cost," Discussion Papers 0006, Exeter University, Department of Economics.
    9. Arye L. Hillman & John G. Riley, 1989. "Politically Contestable Rents And Transfers," Economics and Politics, Wiley Blackwell, vol. 1(1), pages 17-39, 03.
    10. 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.
    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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