科研之友
微信
新浪微博
Facebook
分享链接
摘要
This paper studies all-pay auctions in which there is a buy-price option for bidders to guarantee purchases at a seller-specified price. We analyze symmetric increasing bidding equilibria in the first- and second-price all-pay auctions with the buy-price option. While the optimal buy-price in the second price is higher than are those in the first-price all-pay auction, both formats maintain the same expected profit. With an endogenous entry process, all-pay auctions with the buy-price can attract more consumers and ultimately reach a higher expected profit than does the uniform posted-price selling mechanism.
