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We study all-pay auctions (or wars of attrition), where the highest bidder wins an object, but all bidders pay their bids. We consider such auctions when two bidders alternate in raising their bids and where all aspects of the auction are common knowledge including bidders' valuations. We...
Persistent link: https://www.econbiz.de/10005588742
Consider an auction in which k identical objects are sold to n k bidders who each have a value for one object which can have both private and common components to it. Private information concerning the common component of the object is not exogenously given, but rather endogenous and bidders...
Persistent link: https://www.econbiz.de/10005753052
We consider discontinuous games with incomplete information. Auctions are a leading example. With standard tie breaking rules (or more generally, sharing rules), these games may not have equilibria. We consider sharing rules that depend on the private information of players. We show that there...
Persistent link: https://www.econbiz.de/10005482062
We show existence of equilibria in istributional strategies for a wide class of private value auctions, including the first general existence result for double auctions. The set of quilibria is invariant to the tie-breaking rule. The model incorporates multiple unit demands, all standard pricing...
Persistent link: https://www.econbiz.de/10005482216
Consider an auction in which $k$ identical objects are sold to $nk$ bidders who each have a value for one object which can have both private and common components to it. Private information concerning the common component of the object is not exogenously given, but rather endogenous and bidders...
Persistent link: https://www.econbiz.de/10005135078