We study auctions where bidders have independent private values but attach a disutility to the surplus of rivals, and derive symmetric equilibria for first-price, second-price, English, and Dutch auctions. We find that equilibrium bidding is more aggressive than standard predictions. Indeed, in...

We study auctions where bidders have independent private values but attach a disutility to the surplus of rivals, and derive symmetric equilibria for first-price, second-price, English, and Dutch auctions. We find that equilibrium bidding is more aggressive than standard predictions. Indeed, in...

The U.S. Federal Reserve has been steadily shrinking its balance sheet as part of its effort to normalize policy following the financial crisis. Other central banks have announced similar intentions, potentially resulting in the withdrawal of an unprecedented amount of liquidity from the global...