An auction is viewed as a process that in equilibrium generates a binary lottery for each bidder, which the bidder "buys" with his bid. This view allows for a simple way to consistently assess differences in bidding behavior over different bidders and different auctions. E.g. all auctions...

An auction is viewed as a process that in equilibrium generates a binary lottery for each bidder, which the bidder buys with his bid. This view allows for a simple way to consistently assess differences in bidding behavior over different bidders and different auctions. E.g. all auctions covered...

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...