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A Class of All-pay Auctions with Affiliated Information

  • Gian Luigi ALBANO

    (University College London)

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    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.

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    File URL: http://sites.uclouvain.be/econ/DP/REL/2001012.pdf
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    Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2001012.

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    Length: 8
    Date of creation: 01 Mar 2001
    Date of revision:
    Handle: RePEc:ctl:louvre:2001012
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    1. Crawford, Vincent P, 1977. "A Game of Fair Division," Review of Economic Studies, Wiley Blackwell, vol. 44(2), pages 235-47, June.
    2. Moulin, H, 1984. "The Conditional Auction Mechanism for Sharing a Surplus," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 157-70, January.
    3. Milgrom, Paul R & Weber, Robert J, 1982. "A Theory of Auctions and Competitive Bidding," Econometrica, Econometric Society, vol. 50(5), pages 1089-1122, September.
    4. 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.
    5. McAfee, R Preston & McMillan, John & Reny, Philip J, 1989. "Extracting the Surplus in the Common-Value Auction," Econometrica, Econometric Society, vol. 57(6), pages 1451-59, November.
    6. 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.
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