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All-Pay Auctions with Different Forfeits

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  • Benjamin Kang
  • James Unwin

Abstract

In an auction each party bids a certain amount and the one which bids the highest is the winner. Interestingly, auctions can also be used as models for other real-world systems. In an all pay auction all parties must pay a forfeit for bidding. In the most commonly studied all pay auction, parties forfeit their entire bid, and this has been considered as a model for expenditure on political campaigns. Here we consider a number of alternative forfeits which might be used as models for different real-world competitions, such as preparing bids for defense or infrastructure contracts.

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  • Benjamin Kang & James Unwin, 2020. "All-Pay Auctions with Different Forfeits," Papers 2002.02599, arXiv.org.
    • Handle: RePEc:arx:papers:2002.02599
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    File URL: http://arxiv.org/pdf/2002.02599
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