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Existence of Equilibria in All-Pay Auctions

Author

Listed:
  • Govindan, Srihari

    (Stanford University)

  • Wilson, Robert

    (Stanford University)

Abstract

For an all-pay sealed-bid auction of an item for which each bidder's realized value can depend on every bidder's privately observed signal, existence of equilibria in behavioral strategies is established using only the assumption that bidders' value functions and the density function of signals are posi- tive and continuous on a product of intervals. Such equilibria have atomless distributions of bids and thus are not affected by how tied bids are resolved.

Suggested Citation

  • Govindan, Srihari & Wilson, Robert, 2010. "Existence of Equilibria in All-Pay Auctions," Research Papers 2058, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:2058
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    File URL: http://gsbapps.stanford.edu/researchpapers/library/RP2058.pdf
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    References listed on IDEAS

    as
    1. Matthew O. Jackson & Jeroen M. Swinkels, 2005. "Existence of Equilibrium in Single and Double Private Value Auctions," Econometrica, Econometric Society, vol. 73(1), pages 93-139, January.
    2. Govindan, Srihari & Wilson, Robert, 2010. "Existence of Equilibria in Auctions with Private Values," Research Papers 2056, Stanford University, Graduate School of Business.
    3. Govindan, Srihari & Wilson, Robert, 2010. "Existence of Equilibria in Auctions with Interdependent Values: Two Symmetric Bidders," Research Papers 2057, Stanford University, Graduate School of Business.
    4. Krishna, Vijay & Morgan, John, 1997. "An Analysis of the War of Attrition and the All-Pay Auction," Journal of Economic Theory, Elsevier, vol. 72(2), pages 343-362, February.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Minchuk, Yizhaq & Sela, Aner, 2014. "All-pay auctions with certain and uncertain prizes," Games and Economic Behavior, Elsevier, vol. 88(C), pages 130-134.
    2. Yizhaq Minchuk, 2014. "Aggressive Bidding of Weak Bidders in All-Pay Auction," Economics Bulletin, AccessEcon, vol. 34(3), pages 1665-1668.
    3. Rentschler, Lucas & Turocy, Theodore L., 2016. "Two-bidder all-pay auctions with interdependent valuations, including the highly competitive case," Journal of Economic Theory, Elsevier, vol. 163(C), pages 435-466.

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    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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