Your failure is my opportunity—Effects of elimination in contests
研究多轮全支付拍卖中选手被淘汰的均衡行为，发现特定条件下后期奖金不影响前期策略，否则存在新的外部性效应，并与淘汰赛制比较。
In this paper, we consider a sequence of multi-prize all-pay auctions, where low-performing players are eliminated along the way. We provide sufficient conditions such that equilibrium behavior is unaffected by the prospects of winning prizes in later rounds. When these conditions are not met, we identify a novel externality effect and derive equilibria in a model with two rounds. We compare our results to knockout tournaments in which players are partitioned into subcontests in each round.