Klose, Bettina; Schweinzer, Paul - Department of Economics and Related Studies, University … - 2012
We develop the idea of using mean-variance preferences for the analysis of the first-price, all-pay auction. On the … bidding side, we characterise the optimal strategy in symmetric allpay auctions under mean-variance preferences for general … account of the variance of revenue, he may find it preferable to attract bidders endowed with mean-variance preferences. …