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 perturbation device, it finds a notion of stochastic strength determines the outcome, with a stochastically weaker player giving up immediately.

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Year of publication:	1999-06-01
Authors:	Myatt, David P.
Institutions:	Department of Economics, Oxford University

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Extent:	application/pdf
Series:	Economics Series Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 1999-W22
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010605146