We study discrete two player all-pay auction with complete information. We provide full characterization of mixed strategy Nash equilibria and show that they constitute a subset of Nash equilibria of discrete General Lotto game. We show that equilibria are not unique in general but they are interchangeable and sets of equilibrium strategies are convex. We also show that equilibrium payoffs are unique, unless valuation of at least one of the players is an even integer number. If equilibrium payoffs are not unique, continuum of equilibrium payoffs are possible.
机构:
Purdue Univ, Krannert Sch Management, Dept Econ, W Lafayette, IN 47907 USAPurdue Univ, Krannert Sch Management, Dept Econ, W Lafayette, IN 47907 USA
Klose, Bettina
Schweinzer, Paul
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Alpen Adria Univ Klagenfurt, Dept Econ, A-9020 Klagenfurt, AustriaPurdue Univ, Krannert Sch Management, Dept Econ, W Lafayette, IN 47907 USA
机构:
Inst Nacl Matemat Pure & Aplicada IMPA, Rio De Janeiro, Brazil
Getulio Vargas Fdn EPGE FGV, Grad Sch Econ, Rio De Janeiro, BrazilUniv Carlos III Madrid, Madrid, Spain
Araujo, Aloisio
de Castro, Luciano I.
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Univ Carlos III Madrid, Madrid, Spain
Univ Illinois, Champaign, IL 61820 USAUniv Carlos III Madrid, Madrid, Spain
de Castro, Luciano I.
Moreira, Humberto
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Getulio Vargas Fdn EPGE FGV, Grad Sch Econ, Rio De Janeiro, BrazilUniv Carlos III Madrid, Madrid, Spain