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The paper characterizes the mixed-strategy equilibria in all-pay auctions with endogenous prizes that depend positively on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment games, lobbying games, and promotion tournaments. We also...
Persistent link: https://www.econbiz.de/10003892457
valuations. We test our theoretical predictions in the laboratory and find low initial levels of equilibrium play but substantial …
Persistent link: https://www.econbiz.de/10011407610
likely to affect the bidding behavior in first-price (but not second-price) auctions. We test experimentally a setup in which … ensuing auction, leading to loss of efficiency and eliminating the revenue dominance typically observed in firstprice auctions. …
Persistent link: https://www.econbiz.de/10010472820
We study auction design when parties cannot commit themselves to the mechanism. The seller may change the rules of the … commit to the English auction. Typically the converse also holds, the English auction is the only stable auction mechanism. …
Persistent link: https://www.econbiz.de/10011591004
-unit, multi-bid uniform auction, modelled as a Bayesian game of incomplete information. At the auction each firm anticipates his … as their bidding strategies and it precludes the auction from generating a cost-effective allocation of permits, as it … would occur in simpler auction models. Auctioning tends to be more cost-effective than grandfathering when the firms' costs …
Persistent link: https://www.econbiz.de/10010226080
Contracts providing payments for not developing natural areas, or for removing cropland from production, generally require long-term commitments. Landowners, however, can decide to prematurely terminate the contract when the opportunity cost of complying with conservation requirements increases....
Persistent link: https://www.econbiz.de/10010380650
Drawing on the real-options theory we analyse bidding behaviour in a sealed-bid-first-score procurement auction where …
Persistent link: https://www.econbiz.de/10011599251
seconds of an auction, knowing that bids arriving after the closure of the auction are not counted. They also bid several … times at the same auction. We model Internet auction as a dynamic multi-unit auction. This let us explain the rationality of …
Persistent link: https://www.econbiz.de/10011599306
.S. Forest Service timber auctions, we document a set of systematic effects of auction format: sealed bid auctions attract more … for these qualitative effects of auction format. We then calibrate the model using parameters estimated from the data and … bidder competitiveness, which has important consequences for auction choice. …
Persistent link: https://www.econbiz.de/10011607074
We analyze the welfare consequences of an increase in the commissions charged by the organizer of an auction … of tax incidence in consumer economics. We argue, however, that auction markets deserve a separate treatment. Indeed we …
Persistent link: https://www.econbiz.de/10011607172