Amegashie, J. Atsu; Cadsby, C. Bram; Song, Yang - Department of Economics and Finance, College of … - 2005
) refinement. That equilibrium involves “burning out” by using all of one’s resources in the first stage. It is Pareto-dominated by … of thinking steps are large, the CH prediction involves burning out. This provides a partial explanation of our results … competition leads to higher bids, and that burning out is indeed a competitive phenonemon. …