All-pay vs. standard auctions when competing for budget-constrained buyers
研究了预算约束买家竞争市场中，若允许全支付拍卖，标准拍卖的均衡可能不存在；当预算不太紧张时，全支付拍卖成为卖家首选。
In a competitive market with budget-constrained buyers, an equilibrium where sellers compete with standard auctions fails to exist if the all-pay format is available. If budgets are not too limited, then all-pay auctions emerge as the preferred selling format.