In short, no, it is impossible to run an apk without installing it.
To install an apk located in a public directory you can use this code:
Intent promptInstall = new Intent(Intent.ACTION_VIEW)
.setDataAndType(Uri.parse("file:///path/to/your.apk"),
"application/vnd.android.package-archive");
startActivity(promptInstall);
To be able to access a file in a public directory it is necessary that you add this permission to the manifesto:
<uses-permission android:name="android.permission.READ_EXTERNAL_STORAGE" />
Note
The installation of the apk is not 100% automatic, the user will have to explicitly accept the installation of the same. This is so for security reasons