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Feints

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  • Kenneth Hendricks
  • R. Preston McAfee

Abstract

"In both economic and military situations, agents may try to mislead rivals about their true types or plans, whatever they may be. We consider a simple model in which one player attacks and the other player defends. We show that such environments have two types of possible equilibrium behavior, depending upon the signaling technology. If the signal is not very revealing about the attacker's plans, then the attacker always invests more resources in attack than in misdirection. If the technology is revealing, then the attacker does not always feint, but when he feints, he invests more than half of his resources into misdirection. Comparative statics also depend on whether the technology is revealing." Copyright 2006, The Author(s) Journal Compilation (c) 2006 Blackwell Publishing.

Suggested Citation

  • Kenneth Hendricks & R. Preston McAfee, 2006. "Feints," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 15(2), pages 431-456, June.
  • Handle: RePEc:bla:jemstr:v:15:y:2006:i:2:p:431-456
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    References listed on IDEAS

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    1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, January.
    2. Robert Wilson, 1979. "Auctions of Shares," The Quarterly Journal of Economics, Oxford University Press, vol. 93(4), pages 675-689.
    3. R. Preston McAfee & John McMillan, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-175, Winter.
    4. Krishna, Kala, 1993. "Auctions with Endogenous Valuations: The Persistence of Monopoly Revisited," American Economic Review, American Economic Association, vol. 83(1), pages 147-160, March.
    5. Sandro Brusco & Giuseppe Lopomo, 1999. "Collusion via Signalling in Open Ascending Auctions with Multiple Objects and Complementarities," Working Papers 99-05, New York University, Leonard N. Stern School of Business, Department of Economics.
    6. McAfee, R Preston & Williams, Michael A, 1992. "Horizontal Mergers and Antitrust Policy," Journal of Industrial Economics, Wiley Blackwell, vol. 40(2), pages 181-187, June.
    7. Gilbert, Richard J & Newbery, David M G, 1982. "Preemptive Patenting and the Persistence of Monopoly," American Economic Review, American Economic Association, vol. 72(3), pages 514-526, June.
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