| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9908 |
| DP9908 All-pay auctions with certain and uncertain prizes | |
| Aner Sela; Yizhaq Minchuk | |
| 发表日期 | 2014-03-23 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We study all-pay auctions with multiple prizes. The players have the same value for all the certain prizes except for one uncertain prize for which each player has a private value. We characterize the equilibrium strategy and show that if the number of prizes is smaller than the number of players, independent of the ranking of the uncertain prize, a player's probability to win as well as his expected utility increases in his value for this prize. We demonstrate that a stochastic dominance relation between two distribution functions of the players' private values may increase but also even decrease the players' ex-ante expected utility as well the players' expected total effort. Also, increasing the number of prizes may decrease the players' ex-ante expected utility. Thus, we may conclude that a larger number of prizes does not necessarily benefit the players in a contest. |
| 主题 | Industrial Organization |
| 关键词 | All-pay auctions Contests Uncertain prizes |
| URL | https://cepr.org/publications/dp9908 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538742 |
| 推荐引用方式 GB/T 7714 | Aner Sela,Yizhaq Minchuk. DP9908 All-pay auctions with certain and uncertain prizes. 2014. |
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