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Less fighting than expected - experiments with wars of attrition and all-pay auctions

Author

Listed:
  • Hannah Hörisch

    (University of Munich)

  • Oliver Kirchkamp

    (University of Jena, School of Economics)

Abstract

We use experiments to compare dynamic and static wars of attrition (i.e. second-price all-pay auctions) and first-price all-pay auctions. Many other studies find overbidding in first-price all-pay auctions. We can replicate this property. In wars of attrition, however, we find systematic underbidding. We study bids and revenue in different experimental frames and matching procedures and draw a link to the literature on stepwise linear bidding functions.

Suggested Citation

  • Hannah Hörisch & Oliver Kirchkamp, 2008. "Less fighting than expected - experiments with wars of attrition and all-pay auctions," Jena Economics Research Papers 2008-023, Friedrich-Schiller-University Jena.
    • Handle: RePEc:jrp:jrpwrp:2008-023
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    File URL: https://oweb.b67.uni-jena.de/Papers/jerp2008/wp_2008_023.pdf
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    More about this item

    Keywords

    War of attrition; dynamic bidding; all-pay auction; stabilisation; volunteer's dilemma; experiment;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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