Instant Exit from the War of Attrition.
This paper takes a new look at the classic concession game. It argues that exit from an asymmetric war of attrition is likely to be instant. Selecting a unique equilibrium using a "craziness" pertubation device, it finds a notion of stochastic strength determines the outcome, with a stocha...
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| Formatua: | Working paper |
| Hizkuntza: | English |
| Argitaratua: |
Nuffield College (University of Oxford)
1999
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| Gaia: | This paper takes a new look at the classic concession game. It argues that exit from an asymmetric war of attrition is likely to be instant. Selecting a unique equilibrium using a "craziness" pertubation device, it finds a notion of stochastic strength determines the outcome, with a stochastically weaker player giving up immediately. |
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