We report an experiment designed to study whether inecient rms are systematically driven from overcrowded markets. We implement a series of 3800 wars of attrition of a type modeled in Fudenberg and Tirole (1986). Exit tends to be ecient and exit times conform reasonably well to point predictions...

This article explores the use of alternative payment mechanisms to overcome the holdout problem when multiple parcels of land must be acquired to complete a real-estate development project. Purchase offers contingent upon successful land aggregation are compared to combination offers containing...