Expected revenue of all-pay auctions and first-price sealed-bid auctions with budget constraints

被引：58

作者：

Che, YK

Gale, I

机构：

[1] GEORGETOWN UNIV,DEPT ECON,WASHINGTON,DC 20057

[2] US DEPT JUSTICE,WASHINGTON,DC 20530

来源：

ECONOMICS LETTERS | 1996年 / 50卷 / 03期

关键词：

budget constraints; first-price sealed-bid auctions; all-pay auctions;

D O I：

10.1016/0165-1765(95)00766-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show that all-pay auctions dominate first-price sealed-bid auctions when bidders face budget constraints. This ranking is explained by the fact that budget constraints bind less frequently in the all-pay auctions, which leads to more aggressive bidding in that format.

引用

页码：373 / 379

页数：7

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