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Who goes first? Strategic Delay and Learning by Waiting

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  • Wagner, Peter

Abstract

This paper considers a "war of attrition" game in which agents learn about an uncertain state of the world through private signals and from their peers. I provide existence and uniqueness results for a class of equilibria that satisfy a "full-participation" condition, and show that asymmetries in the distribution of information can lead to excessive stopping and an oversupply of information relative to the social optimum.

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  • Wagner, Peter, 2015. "Who goes first? Strategic Delay and Learning by Waiting," Discussion Papers in Economics 24764, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenec:24764
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