Sacco, Dario; Schmutzler, Armin - 2008
on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment … the strategic situation of a two-stage game with investment preceding homogenous Bertrand competition. We obtain … overinvestment both relative to the mixed-strategy equilibrium and the social optimum. -- All-pay auctions ; oligopoly ; investment …