The Generalized War of Attrition.
We generalize the War of Attrition model to allow for N + K firms competing for N prizes. Two special cases are of particular interest. First, if firms continue to pay their full costs after dropping out (as in a standard-setting context), each firm's exit time is independent both of K and of t...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
National Bureau of Economic Research
1997
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