If firms compete in all-pay auctions with complete information, silent shareholdings introduce asymmetric externalities …

paid by the winner. We study the impact of these price-externalities on the first-price auction and the second … independently from the identity of the winner. We prove that the first-price auction is not affected by this kind of price-externalities … by the presence of such price-externalities. In any case, in comparison with the first-price auction, the second …

We study sealed-bid auctions with financial externalities, i.e., auctions in which losers' utilities depend on how much … externalities result in lower bids and in a lower expected revenue. The unique symmetric equilibrium of the second-price sealed …

create externalities among workers, since their utility upon accepting a contract depends on their team's performance and … therefore on their colleagues' productivity. We study the effects of such externalities in a competitive labor market if workers …-efficient separation of workers according to their productivity. We further find that externalities facilitate equilibrium existence, where …