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the opportunity to engage in a sequence of battles in an attempt to win the war. Each battle is an all-pay auction in …
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into the allpay auction framework. If the strongest firm owns a large share in the second strongest firm, this may make the … strongest firm abstain from bidding. As a consequence, equilibrium profits of both firms may increase, but the prize may be …
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the opportunity to engage in a sequence of battles in an attempt to win the war. Each battle is an all-pay auction in …
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