All-pay auction
= All-pay auction
{wiki}
= All-pay contest
{synonym}
In a standard all-pay auction, every player pays its bid or effort cost, and the highest bid receives the prize. With a value $v_i$, unit effort cost, and <winning probability> $x_i(b)$, player $i$ has <quasilinear utility> $v_i x_i(b)-b_i$. Equal highest bids require an explicit tie rule.