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Reputation and Patience in the “War of Attrition”

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  • Kornhauser, Lewis A.
  • Rubinstein, Ariel
  • Wilson, Charles

Abstract

This 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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File URL: http://econ.as.nyu.edu/docs/IO/9397/RR86-06.pdf
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Bibliographic Info

Paper provided by C.V. Starr Center for Applied Economics, New York University in its series Working Papers with number 86-06.

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Length: 28 pages
Date of creation: 1986
Date of revision:
Handle: RePEc:cvs:starer:86-06

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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
Phone: (212) 998-8936
Fax: (212) 995-3932
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Web page: http://econ.as.nyu.edu/object/econ.cvstarr.html
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Postal: C.V. Starr Center, Department of Economics, New York University, 19 W. 4th Street, 6th Floor, New York, NY 10012
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Cited by:
  1. Paul Klemperer & Jeremy Bulow, 1999. "The Generalized War of Attrition," Game Theory and Information 9901004, EconWPA.
  2. David P. Myatt, 2005. "Instant Exit from the Asymmetric War of Attrition," Economics Series Working Papers 160, University of Oxford, Department of Economics.
  3. 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.
  4. Johannes Hörner & Nicolas Sahuguet, 2011. "A war of attrition with endogenous effort levels," Economic Theory, Springer, vol. 47(1), pages 1-27, May.
  5. Dilip Abreu & David G. Pearce, 2006. "Bargaining, Reputation and Equilibrium Selection in Repeated Games with Contracts," Levine's Bibliography 321307000000000640, UCLA Department of Economics.
  6. Myatt, David P. & Wallace, Chris, 2008. "An evolutionary analysis of the volunteer's dilemma," Games and Economic Behavior, Elsevier, vol. 62(1), pages 67-76, January.

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