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The generalized Stackelberg equilibrium of the all-pay auction with complete information

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Listed:
  • Konrad, Kai A.
  • Leininger, Wolfgang

Abstract

We characterize the equilibrium of the all-pay auction with general convex cost of effort and sequential effort choices. We consider a set of n players who are arbitrarily partitioned into a group of players who choose their efforts 'early' and a group of players who choose 'late'. Only the player with the lowest cost of effort has a positive payoff in any equilibrium. This payoff depends on his own timing vis-a-vis the timing of others. We also show that the choice of timing can be endogenized, in which case the strongest player typically chooses 'late', whereas all other players are indifferent with respect to their choice of timing. In the most prominent equilibrium the player with the lowest cost of effort wins the auction at zero aggregate cost. © 2007 Springer-Verlag.

Suggested Citation

  • Konrad, Kai A. & Leininger, Wolfgang, 2007. "The generalized Stackelberg equilibrium of the all-pay auction with complete information," Munich Reprints in Economics 22092, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:22092
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    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions

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