The All-Pay Auction with Complete Information

In a (first price) all-pay auction, bidders simultaneously submit bids for an item. All players forfeit their bids, and the high bidder receives the item. This auction is widely used in economics to model rent seeking, R&D races, political contests, and job promotion tournaments. We fully charac...

Ausführliche Beschreibung

Bibliographische Detailangaben

Veröffentlicht in:	Economic theory 1996, Vol.8 (2), p.291-305
Hauptverfasser:	Baye, Michael R., Kovenock, Dan, de Vries, Casper G.
Format:	Artikel
Sprache:	eng
Schlagworte:	Auctions Cattle auctions Economic rent Economic theory Game theory Information Lobbying Mixed strategy Monopoly Nash equilibrium Revenue Urelements
Online-Zugang:	Volltext
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