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Strategies for Pairwise Competition in Markets and Organizations

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  • Bradford Cornell
  • Richard Roll

Abstract

Biologists' models of competition among animals are useful for understanding human conflict. Such models are explained and applied here to examples of market and organizational behavior. An equilibrium strategy for securities trading, for instance, can consist of accepting the market price on some occasions while investing resources in security analysis on others. An organizational example involves seniority. As a device for settling conflicts within an organization, seniority can be adopted voluntarily by all participants, even if it is wholly unrelated to ability.

Suggested Citation

  • Bradford Cornell & Richard Roll, 1981. "Strategies for Pairwise Competition in Markets and Organizations," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 201-213, Spring.
    • Handle: RePEc:rje:bellje:v:12:y:1981:i:spring:p:201-213
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    Cited by:

    1. Parthajit Kayal & Sayanti Mondal, 2020. "Speed of Price Adjustment in Indian Stock Market: A Paradox," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 27(4), pages 453-476, December.
    2. Jacobsen, Siv Fagerland & Tschoegl, Adrian E, 1999. "The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 8(1), pages 137-165, March.
    3. Daniel Arce & Douglas Cook & Robert Kieschnick, 2015. "On the evolution of corporate capital structures," Journal of Evolutionary Economics, Springer, vol. 25(3), pages 561-583, July.
    4. Antonio E. Bernardo & Ivo Welch, 2001. "On the Evolution of Overconfidence and Entrepreneurs," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 10(3), pages 301-330, September.
    5. Chordia, Tarun & Roll, Richard & Subrahmanyam, Avanidhar, 2001. "Evidence on the Speed of Convergence to Market Efficiency, forthcoming: Journal of Financial Economics," University of California at Los Angeles, Anderson Graduate School of Management qt8wb6140g, Anderson Graduate School of Management, UCLA.
    6. Berninghaus, Siegfried K. & Ehrhart, Karl-Martin & Ott, Marion, 2012. "Forward-looking behavior in Hawk–Dove games in endogenous networks: Experimental evidence," Games and Economic Behavior, Elsevier, vol. 75(1), pages 35-52.
    7. Magdalena Mikolajek-Gocejna & Tomasz Urbas, 2023. "Rational Investors or Rational Expectations in Efficient Market Hypothesis?," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 13(2), pages 167-188.
    8. Roberto Casarin & Andrea Piva & Loriana Pelizzon, 2008. "Italian Equity Funds: Efficiency and Performance Persistence," The IUP Journal of Financial Economics, IUP Publications, vol. 0(1), pages 7-28, March.
    9. John Benjamin & Chris de la Torre & Jim Musumeci, 1998. "Rationales for Real Estate Leasing versus Owning," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 223-238.
    10. Jean†François L'Her & Jean†Marc Suret, 1991. "The reaction of Canadian securities to revisions of earnings forecasts," Contemporary Accounting Research, John Wiley & Sons, vol. 7(2), pages 378-406, March.
    11. Jing Wang & Jim Haslam & Claire Marston, 2011. "The appraisal of ordinary shares by Chinese financial analysts," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 19(1), pages 5-30, May.
    12. Barton Lipman, 1986. "Cooperation among egoists in Prisoners' Dilemma and Chicken games," Public Choice, Springer, vol. 51(3), pages 315-331, January.
    13. Daniel G. Arce M., 2000. "The Evolution of Heterogeneity in Biodiversity and Environmental Regimes," Journal of Conflict Resolution, Peace Science Society (International), vol. 44(6), pages 753-772, December.
    14. Davis, E.P. & DEC, 1993. "The structure, regulation, and performance of pension funds in nine industrial countries," Policy Research Working Paper Series 1229, The World Bank.
    15. Jean†Marc Suret & Jean†François L'Her, 1990. "La réaction des titres canadiens aux changements dans les prévisions de bénéfices comptables," Contemporary Accounting Research, John Wiley & Sons, vol. 7(1), pages 347-377, September.
    16. Daniel M. Chin, 2011. "A Test of Unbiasedness and Sports Book Profits in the NFL Point Spread Betting Merket Using Circadian Advantage," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 5(3), pages 15-26, October.
    17. Reboredo, Juan C. & Rivera-Castro, Miguel A. & Miranda, José G.V. & García-Rubio, Raquel, 2013. "How fast do stock prices adjust to market efficiency? Evidence from a detrended fluctuation analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(7), pages 1631-1637.
    18. Weibull, Jörgen W., 1992. "An Introduction to Evolutionary Game Theory," Working Paper Series 347, Research Institute of Industrial Economics.
    19. Markku Vieru & Jukka Perttunen & Hannu Schadewitz, 2006. "How Investors Trade Around Interim Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(1‐2), pages 145-178, January.
    20. Lukas Menkhoff & Mark P. Taylor, 2007. "The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis," Journal of Economic Literature, American Economic Association, vol. 45(4), pages 936-972, December.
    21. Parthajit Kayal & S. Maheswaran, 2018. "Speed of Price Adjustment towards Market Efficiency: Evidence from Emerging Countries," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 112-135, April.
    22. Chordia, Tarun & Roll, Richard & Subrahmanyam, Avanidhar, 2005. "Evidence on the speed of convergence to market efficiency," Journal of Financial Economics, Elsevier, vol. 76(2), pages 271-292, May.
    23. Grigori Erenburg & Janet Kiholm Smith & Richard L. Smith, 2011. "The Paradox of “Fraud‐on‐the‐Market Theory”: Who Relies on the Efficiency of Market Prices?," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(2), pages 260-303, June.

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