Asymmetric all‐pay auctions with spillovers
研究非对称两人全支付拍卖中，参与者努力对获胜者奖励的溢出效应，发现高成本低价值玩家有时能获得更高收益。
When opposing parties compete for a prize, the sunk effort players exert during the conflict can affect the value of the winner's reward. These spillovers can have substantial influence on the equilibrium behavior of participants in applications such as lobbying, warfare, labor tournaments, marketing, and R&D races. To understand this influence, we study a general class of asymmetric, two‐player all‐pay auctions where we allow for spillovers in each player's reward. The link between participants' efforts and rewards yields novel effects; in particular, players with higher costs and lower values than their opponents sometimes extract larger payoffs.