and relaxed competition. In its theory, firms compete over an infinite-horizon and discount the future so that relaxed … competition is feasible in equilibrium. However, firms face strategic uncertainty, so this equilibrium hinges on their beliefs … about their rivals' pursuit of relaxed competition. In this setting, certain beliefs can support differentiation and …

A parsimonious model is used to explore the risk-bearing decision under a payoff structure that emphasizes relative … willing to risk a portion of their endowment, and this induces advantaged players to also gamble, defensively. Although there …