English, Article, Journal or magazine article edition: Instant Exit from the Asymmetric War of Attrition David P. Myatt

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Bookmark: http://trove.nla.gov.au/version/20653
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Instant Exit from the Asymmetric War of Attrition
Author
  • David P. Myatt
Physical Description
  • preprint
Notes
  • In an asymmetric war of attrition the players` prize valuations are drawn from different distributions. A "stochastic strength" ordering, based upon relative hazard rates, is used to rank these distributions. The stochastically stronger player is perceived to be strong ex ante, even though her realized valuation may be lower ex post. Since the classic war of attrition exhibits multiple equilibria, the game is perturbed; for instance, by imposing an arbitrarily large time limit, or allowing for the arbitrarily small probability of players that are restricted to fighting forever. In the unique equilibrium of the perturbed game, a stochastically weaker player almost always "instantly exits" at the beginning, even though her valuation may be higher.
  • war of attrition, exit, rent seeking, auctions, stochastic dominance, games of timing, bargaining, voluntary provision of public goods, macroeconomics stabilization, adoption of technological standards
  • RePEc:oxf:wpaper:160
Language
  • English
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