Thegeneralized Stackelberg equilibrium of the all-pay auction with complete information

Arbeitspapier

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 player with the lowest cost of effort has a positive payoff in any equilibrium. This payoff depends on his own timing vis-a-vis the timing of others. We also show that the choice of timing can be endogenized, in which case the strongest player typically chooses ?late?, whereas all other players are indifferent with respect to their choice of timing. In the most prominent equilibrium the player with the lowest cost of effort wins the auction at zero aggregate cost.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 1609

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Conflict; Conflict Resolution; Alliances; Revolutions ; Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
• Thema: sequential all-pay auction ; complete information ; generalized cost ; generalized Stackelberg game ; Auktionstheorie ; Vollkommene Information ; Spieltheorie ; Kosten ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Konrad, Kai A. ; Leininger, Wolfgang
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2005

Weitere Informationen

• Handle: http://hdl.handle.net/10419/19073
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ