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We characterize the equilibrium of the all-pay auction with general convex cost of effort and sequential effort choices. We consider a set of n players who are arbitrarily partitioned into a group of players who choose their efforts ?early? and a group of players who choose ?late?. Only the...
Persistent link: https://www.econbiz.de/10010261378
Recent literature has shown that all-pay auctions raise more money for charity than winner-pay auctions. We demonstrate that the first and second-price winner-pay auctions generate higher revenue than first-price all-pay auctions when bidders are sufficiently asymmetric. To prove it, we consider...
Persistent link: https://www.econbiz.de/10010264437
study of Japan's silver market. It starts from the perspective that the source of competitive advantage under fundamental … cognitive conditions. The authors argue that the promise of the eventual size of the silver market is insufficient as an … explanation for market creation because of the uncertainties involved. Moreover, cultural traditions are much more varied than …
Persistent link: https://www.econbiz.de/10010302299
Persistent link: https://www.econbiz.de/10011696590
Dieser Beitrag skizziert das ordonomische Forschungsprogramm einer ökonomischen Theorie der Moral und stellt die …This paper argues that the ordonomic research program of an economic theory of morality provides important insights for …
Persistent link: https://www.econbiz.de/10011733757
Hayeks frühes Plädoyer zugunsten dezentraler Planung beruht auf seinem innovativen Argument überlegener Wissensverarbeitung, das dem Wettbewerb wichtige gesellschaftspolitische Funktionen zuschreibt. In seinen späteren Schriften hat er herausgearbeitet, wie wichtig der Wettbewerb ist, um...
Persistent link: https://www.econbiz.de/10011733882
Kapitalismus sieht sich seit je her drei moralisch artikulierten Vorwürfen ausgesetzt: Er führe (a) zur Verelendung der Arbeiter, (b) zur Zerstörung der Umwelt und (c) zum Verfall der Sitten. Zieht man empirisch Bilanz, sind nicht alle dieser Vorwürfe berechtigt, ganz im Gegenteil: (a) Im...
Persistent link: https://www.econbiz.de/10014309861
The present note analyzes the Simultaneous Ascending Bid Auction with arbitrarily many bidders with decreasing marginal valuations under complete information. We show that the game is solvable by iterated elimination of weakly dominated strategies if the efficient allocation assigns at least one...
Persistent link: https://www.econbiz.de/10010261069
This paper analyses in a simple global games framework welfare effects stemming from different communication strategies of public agencies if strategies of agents are complementary to each other: communication can either be fully transparent, or the agency opaquely publishes only its overall...
Persistent link: https://www.econbiz.de/10010269906
Global games are widely used for equilibrium selection to predict behaviour in complete information games with strategic complementarities. We establish two results on the global game selection. First, we show that it is independent of the payoff functions of the global game embedding, though it...
Persistent link: https://www.econbiz.de/10010270696