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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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    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. Dan Kovenock & Brian Roberson, 2009. "Is the 50-State Strategy Optimal?," Journal of Theoretical Politics, , vol. 21(2), pages 213-236, April.
    2. Kaplan, T.R. & Luski, I. & Wettstein, D., 2000. "Innovative Activity and Sunk Cost," Discussion Papers 0006, Exeter University, Department of Economics.
    3. Konrad, Kai A. & Kovenock, Dan, 2005. "Equilibrium and Efficiency in the Tug-of-War," CEPR Discussion Papers 5205, C.E.P.R. Discussion Papers.
    4. Michael R. Baye & Dan Kovenock & Casper G. de Vries, 2009. "Contests with Rank-Order Spillovers," Tinbergen Institute Discussion Papers 09-066/2, Tinbergen Institute.
    5. Baye, M.R. & Kovenock, D. & De Vries, C., 1992. "The All-Pay Auction with Complete Information," Papers 8-92-1, Pennsylvania State - Department of Economics.
    6. 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.
    7. Konrad, Kai A., 2006. "Silent interests and all-pay auctions," International Journal of Industrial Organization, Elsevier, vol. 24(4), pages 701-713, July.
    8. Arye L. Hillman & John G. Riley, 1989. "Politically Contestable Rents And Transfers," Economics and Politics, Wiley Blackwell, vol. 1(1), pages 17-39, 03.
    9. 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.
    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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