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Caller Number Five: Timing Games that Morph From One Form to Another

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  • Andreas Park
  • Lones Smith

Abstract

There are two well-studied timing games in economics: In a War of Attrition, having more predecessors helps; in a Pre-emption Game, more predecessors hurts. This paper introduces and explores a rich new spanning class of timing games with _rank-order payoffs_ that subsumes both timing games as special cases. This explains a wide array of economic and social timing phenomena. Indeed, assuming unobserved actions and complete information, we identify equilibria that display both smooth and explosive entry. Anticipation of later timing games influences current play --- from swelling the magnitude of pre-emptive explosions to truncating wars of attrition. We provide conditions for existence, characterize equilibria, and compare outcomes under unobservable and observable actions. Both settings' equilibria show similarities, and the unobservable actions case provides intuitive insights as to likely equilibria with observable actions. The analysis turns in part on Karlin's 1968 theory of total positivity.

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Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 871.

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Date of creation: 2004
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Handle: RePEc:red:sed004:871

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Keywords: game theory;

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  1. Levin, Dan & Peck, James, 2003. " To Grab for the Market or to Bide One's Time: A Dynamic Model of Entry," RAND Journal of Economics, The RAND Corporation, vol. 34(3), pages 536-56, Autumn.
  2. Hendricks, Ken & Weiss, Andrew & Wilson, Charles A, 1988. "The War of Attrition in Continuous Time with Complete Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(4), pages 663-80, November.
  3. Jeremy Bulow & Paul Klemperer, 1997. "The Generalized War of Attrition," NBER Working Papers 5872, National Bureau of Economic Research, Inc.
  4. Dilip Abreu & Markus K. Brunnermeier, 2003. "Bubbles and Crashes," Econometrica, Econometric Society, vol. 71(1), pages 173-204, January.
  5. Sahuguet, Nicolas, 2006. "Volunteering for heterogeneous tasks," Games and Economic Behavior, Elsevier, vol. 56(2), pages 333-349, August.
  6. Shinkai, Tetsuya, 2000. "Second Mover Disadvantages in a Three-Player Stackelberg Game with Private Information," Journal of Economic Theory, Elsevier, vol. 90(2), pages 293-304, February.
  7. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
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Cited by:
  1. Levin, Dan & Peck, James, 2008. "Investment dynamics with common and private values," Journal of Economic Theory, Elsevier, vol. 143(1), pages 114-139, November.
  2. Andrea Gallice, 2012. "Preempting versus Postponing: the Stealing Game," Carlo Alberto Notebooks 281, Collegio Carlo Alberto.
  3. Brunnermeier, Markus K. & Morgan, John, 2010. "Clock games: Theory and experiments," Games and Economic Behavior, Elsevier, vol. 68(2), pages 532-550, March.
  4. Bo E. Honoré & Aureo de Paula, 2009. ""Interdependent Durations" Third Version," PIER Working Paper Archive 09-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Feb 2008.
  5. Sahuguet, Nicolas, 2006. "Volunteering for heterogeneous tasks," Games and Economic Behavior, Elsevier, vol. 56(2), pages 333-349, August.
  6. Bo E. Honore & Aureo de Paula, 2007. "Interdependent Durations, Second Version," PIER Working Paper Archive 08-044, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Nov 2008.
  7. Jack Ochs & In-Uck Park, 2005. "Overcoming the Coordination Problem: Dynamic Formation of Networks," Levine's Bibliography 172782000000000046, UCLA Department of Economics.
  8. Jack Ochs, 2006. "Dynamic Network Formation," Working Papers 233, University of Pittsburgh, Department of Economics, revised Jan 2006.
  9. Anderson, Steven T & Friedman, Daniel & Oprea, Ryan, 2008. "Preemption Games: Theory and Experiment," Santa Cruz Department of Economics, Working Paper Series qt0pr4g8h1, Department of Economics, UC Santa Cruz.
  10. Bo Honore & Aureo de Paula, 2008. "Interdependent Durations," PIER Working Paper Archive 08-007, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

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