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Second price allpay auctions (wars of attritions) have an evolutionarily stable equilibrium in pure strategies if valuations are private information. I show that for any level of uncertainty there exists a pure deviation strategy close to the equilibrium strategy such that for some valuations...
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markets. It is shown that competition improves for increased market transparency and we identify circumstances where the … auctioneer prefers uniform to discriminatory pricing. We note that political risks could significantly worsen competition in …
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