【1090期】6月22日微观经济学学术研讨会: On Later-/earlier-Mover Advantage in Sequential Competitions (吴泽南,助理教授,北京大学经济学院)

时间:2021-06-16

【主题】On Later-/earlier-Mover Advantage in Sequential Competitions

【报告人】吴泽南(助理教授,北京大学经济学院)

【时间】2021年6月22日 星期二 14:30–16:00

【地点】经济学院701会议室

【摘要】This paper compares players' ex ante expected payoffs with respect to their timing positions in sequential competitions. The competition is modeled as a multi-player all-pay auction with incomplete information. Players compete for a commonly-valued prize. Their abilities, which determine their effort costs, are privately known, and independently and identically distributed. We impose little restrictions on the game's timing architecture: The contest can be fully sequential, simultaneous, or partially sequential. We demonstrate that players' ex ante expected efforts can be nonmonotone in their timing positions. However, a player always secures a larger payoff when he is assigned to a later period. This later-mover advantage is robust to (i) alternative tie-breaking rules, (ii) the information environment, and (iii) the payment rule for losers. Finally, we show that players' payoff comparison sensitively depends on winner’s payment rule: Drastically contrasting predictions arise when the winner pays the second-highest bid, i.e., in a war of attrition.


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