All-pay auctions with pre- and post-bidding options

Ødegaard, Fredrik; Anderson, Chris K.

doi:10.1016/j.ejor.2014.06.011

Cited by 8 publications

(3 citation statements)

References 21 publications

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“…In that case, the players in both sets do not have an incentive to exert positive e¤orts and we have Proposition 1 In the assortative all-pay matching contest with two sets, A = fa 1 ; a 2 g, B = fb 1 ; b 2 g, and value functions f and g that satisfy (18), there is only a corner equilibrium in which in both sets every player exerts an e¤ ort of zero.…”

Section: The Equilibrium Analysismentioning

confidence: 97%

All-pay matching contests

Sela

2022

Int J Game Theory

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We study two-sided matching contests with two sets, each of which includes two heterogeneous players with commonly known types. The players in each set compete in all-pay contests where they simultaneously send their costly e¤orts and then are assortatively matched. A player has a value function that depends on his type as well as his matched one. This model always has a corner equilibrium in which the players do not exert e¤orts and are randomly matched.However, we characterize the interior equilibrium and show that although players exert costly (wasted) e¤orts, this equilibrium might be either welfare superior or inferior to the corner equilibrium. We analyze the cross-e¤ects of the players' types on their expected payo¤s and also their e¤ect on the players'expected total e¤ort. We then show,that each of the players'types might have either a positive or a negative marginal e¤ect on their expected total e¤ort.

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Section: The Equilibrium Analysismentioning

confidence: 97%

All-pay matching contests

Sela

2022

Int J Game Theory

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“…Documentary evidence reveals that auctions could be traced back to 500 B. C. in Greece where women were auctioned to potential suitors. The method of auction used was similar to the Dutch method in a descending method of auctioneering until a "befitting price" for the purchase of the woman is declared by the would-be suitor [1]. The Roman Empire also had proclivity for auctioneering, where "spoils of war" which included slaves were auctioned by Roman Soldiers known as "Magister Auctionarium".…”

Section: Introductionmentioning

confidence: 99%

Auctioneering in the Practice of Estate Surveyors and Valuers

Iroham¹,

Okagbue²,

Emetere³

et al. 2019

IJARET

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There has been recent agitation amongst estate surveyors and valuers that auctioneering ought to be an aspect of their practice. This crave for supremacy appears contestable as they have not had an exclusive preserve in this aspect of practice coupled with the participation of other professionals. This study thereby aimed at discovering the prospect of estate surveyors and valuers in auctioneering amongst various stakeholders. Questionnaires were distributed to one hundred and eighty-three (183) estate surveyors and valuers in Lagos State, thirty-nine (39) auction houses in Lagos state and eleven (11) government agencies who require the services of auctioneers. The use of descriptive and inferential statistics such as the Relative Importance Index (RII), Chi-square test and Kruskal-Wallis test of significance were used in the analysis of the data. It was revealed that although the proportion of estate surveyors and valuers engaged in auctioneering are quite minimal, they are still substantial compared to other contending professionals. Estate surveyors and valuers are being vaunted to handle auctioneering even though caution has to be applied in the result not being significant at the 5% significant level but significant at the 1% level of significance. The need for professionals exclusively known as auctioneers was advocated. The researchers thereby opine that the inclusion of auctioneering in the curriculum of all higher institutions offering estate management will be a welcome development that will give the estate surveyors and valuers the hedge for specialization as the professional auctioneer being advocated from responses in the study.

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“…The work most closely connected to ours is that of Ødegaard and Anderson (), who consider a setting where consumers have access to two sales channels: a store with a fixed posted price, and an all‐pay auction. Motivated by the practice of penny auctions, they also consider the buy‐price option for losing bidders in the all‐pay auction.…”

Section: Introductionmentioning

confidence: 99%

All‐pay Auctions With a Buy‐price Option

Yan

2018

Economic Inquiry

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This paper studies all‐pay auctions in which there is a buy‐price option for bidders to guarantee purchases at a seller‐specified price. We analyze symmetric increasing bidding equilibria in the first‐ and second‐price all‐pay auctions with the buy‐price option. While the optimal buy‐price in the second price is higher than are those in the first‐price all‐pay auction, both formats maintain the same expected profit. With an endogenous entry process, all‐pay auctions with the buy‐price can attract more consumers and ultimately reach a higher expected profit than does the uniform posted‐price selling mechanism. (JEL D44, L11, L81)

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All-pay auctions with pre- and post-bidding options

Cited by 8 publications

References 21 publications

All-pay matching contests

All-pay matching contests

Auctioneering in the Practice of Estate Surveyors and Valuers

All‐pay Auctions With a Buy‐price Option

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