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Less fighting than expected — experiments with wars of attrition and all-pay auctions

  • Oliver Kirchkamp,

The paper compares with the help of experiments dynamic and static wars of attrition (i.e. second price all-pay auctions) and first-price all-pay auctions. While most experimental studies find overbidding in first-price all-pay auctions, we find underbidding in a similar institution, the war of attrition, in particular if the bidding process is dynamic. We study bids and revenue in different experimental frames and matching procedures and draw a link to the literature on stepwise linear bidding functions

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Paper provided by Centre for Research into Industry, Enterprise, Finance and the Firm in its series CRIEFF Discussion Papers with number 0607.

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Date of creation: Jun 2006
Date of revision:
Handle: RePEc:san:crieff:0607
Contact details of provider: Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL
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  1. Kennan, John & Wilson, Robert, 1989. "Strategic Bargaining Models and Interpretation of Strike Data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 4(S), pages S87-130, Supplemen.
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  12. Simon P. Anderson & Jacob K. Goeree & Charles A. Holt, 1998. "Rent Seeking with Bounded Rationality: An Analysis of the All-Pay Auction," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 828-853, August.
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