Lowest unique bid auctions with population uncertainty

•We study a popular game called the lowest unique bid auction (LUBA).•The number of participants is assumed to be Poisson distributed.•We prove existence of a unique equilibrium and study its properties.•The results closely approximate known results for a fixed number of players.

We characterize the unique Poisson-Nash equilibrium of the lowest unique bid auction (LUBA) when the number of bidders is uncertain and follows a Poisson distribution.