Reputation and Patience in the 'War of Attrition.'
AbstractThis article presents an approach to selecting among the many subgame-perfect equilibria that exist in a standard concession game with complete information. The authors extend the description of a game to include a specific "irrational" (mixed) strategy for each player. Depending on the irrational strategies chosen, the authors demonstrate that this approach may select a unique equilibrium in which the weaker player concedes immediately. A player is weaker if he is more impatient or if his irrational strategy is to wait in any period with the higher probability. Copyright 1989 by The London School of Economics and Political Science.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 56 (1989)
Issue (Month): 221 (February)
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- Peter Burton, 2004. "Hugging Trees: Claiming de Facto Property Rights by Blockading Resource Use," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 27(2), pages 135-163, February.
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- David P. Myatt, 2005. "Instant Exit from the Asymmetric War of Attrition," Economics Series Working Papers 160, University of Oxford, Department of Economics.
- Johannes Hörner & Nicolas Sahuguet, 2011. "A war of attrition with endogenous effort levels," Economic Theory, Springer, vol. 47(1), pages 1-27, May.
- Dilip Abreu & David G. Pearce, 2006. "Bargaining, Reputation and Equilibrium Selection in Repeated Games with Contracts," Levine's Bibliography 321307000000000640, UCLA Department of Economics.
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