There are two varieties of timing games in economics: In a war of attrition, more predecessors helps; in a pre-emption game, more predecessors hurts. In this paper, we introduce and explore a spanning class with 'rank-order payoffs' that subsumes both as special cases. In this environment with...

We develop a tractable continuum player timing game that subsumes wars of attrition and pre-emption games, in which greed and fear relax the last and first mover advantages. Payoffs are continuous and single-peaked functions of the stopping time and quantile. Time captures the payoff-relevant...

In an initial coin offering, investors fund a venture in exchange for tokens that grant rights to future economic output. To many financial industry insiders, tokens have no intrinsic merit and exist only as a way to evade regulations. We demonstrate that generic revenue-based token contracts...