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All-Pay Auctions with Variable Rewards

Author

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  • Todd Kaplan

    (Department of Economics, University of Exeter)

Abstract

We study all-pay auctions with variable rewards under incomplete information. In standard models, a reward depends on a bidder!s privately known type; however, in our model it is also a function of his bid. We show that in such models there is a potential for paradoxical behavior where a reduction in the rewards or an increase in costs may increase the expected sum of bids or alternatively the expected highest bid

Suggested Citation

  • Todd Kaplan, 2001. "All-Pay Auctions with Variable Rewards," Discussion Papers 0109, Exeter University, Department of Economics.
  • Handle: RePEc:exe:wpaper:0109
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    File URL: http://people.exeter.ac.uk/cc371/RePEc/dpapers/DP0109.pdf
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    Keywords

    All-Pay Auctions; Contests; R & D Races; Rent-Seeking.;

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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