An elementary proof of the common maximal bid in asymmetric first-price and all-pay auctions |
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| Authors: | Gadi Fibich Gal Oren |
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| Affiliation: | School of Mathematical Sciences, Tel Aviv University, Tel Aviv 69978, Israel |
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| Abstract: | We prove that the maximal bid in asymmetric first-price and all-pay auctions is the same for all bidders. Our proof is elementary, and does not require that bidders are risk neutral, or that the distribution functions of their valuations are independent or smooth. |
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| Keywords: | C72 D44 D72 D82 |
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