A Class of All-pay Auctions with Affiliated Information
We study an auction mechanism combining the war of attrition and the all-pay auction under the assumption that buyers' signals are affiliated. We provide a sufficient condition which guarantees the existence of a symmetric, increasing equilibrium bidding strategy, but rules out full extraction of buyers' surplus by the seller. We develop revenue comparison between the combined mechanism, the war of attrition and the all-pay auction.
|Date of creation:||01 Mar 2001|
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- Vincent P. Crawford, 1977. "A Game of Fair Division," Review of Economic Studies, Oxford University Press, vol. 44(2), pages 235-247.
- Milgrom, Paul R & Weber, Robert J, 1982.
"A Theory of Auctions and Competitive Bidding,"
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- H. Moulin, 1984. "The Conditional Auction Mechanism for Sharing a Surplus," Review of Economic Studies, Oxford University Press, vol. 51(1), pages 157-170.
- Vijay Krishna & John Morgan, 1994.
"An Analysis of the War of Attrition and the All-Pay Auction,"
Game Theory and Information
- 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.
- Lizzeri, Alessandro & Persico, Nicola, 2000. "Uniqueness and Existence of Equilibrium in Auctions with a Reserve Price," Games and Economic Behavior, Elsevier, vol. 30(1), pages 83-114, January.
- McAfee, R Preston & McMillan, John & Reny, Philip J, 1989. "Extracting the Surplus in the Common-Value Auction," Econometrica, Econometric Society, vol. 57(6), pages 1451-1459, November.
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