This paper studies sequential auctions in the presence of Knightian uncertainty about the distribution of values. We propose equilibrium notions based on the multiple selves approach to deal with the possible time inconsistency that arises with dynamic bidding for max-min bidders. We...

This paper studies wars of attrition between two players who have known values for the prizes but private budget constraints. Budgets limit the length that players can stay in the game. We examine the impact of budgets on the equilibrium outcomes. In the case where players' private budget is...

We study an auction game in which two units of a good are sold via two second price auctions sequentially. Bidders value the units identically and have one of two budget levels, high or low. Bidders do not know each others budgets. We show that this game has a unique symmetric equilibrium in...