We consider an auction setting in which potential buyers, even if they fail to obtain the good, care about the price paid by the winner. We study the impact of these price-externalities on the first-price auction and the second-price auction in a symmetric information framework. First, we...

Public authorities frequently mandate public or private agencies to manage their renewable natural resources. Contrary to the agency, which is an expert in renewable natural resource management, public authorities usually ignore the sustainable level of harvest. In this note, we first model the...