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Multiplayer War of Attrition with Asymmetric Private Information

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  • Hongcheng Li
  • Jialu Zhang

Abstract

This paper studies a war of attrition game in the setting of public good provision that combines three elements: (i) multiple players, (ii) incomplete information, and (iii) ex-ante asymmetry. In the unique equilibrium, asymmetry leads to a stratified behavior pattern where one player provides the public good instantly with a positive probability while each of the other players has a player-specific strict waiting time, before which even his highest type will not provide the good. Comparative statics show that a player with less patience, lower cost of provision, and higher reputation in value (expressed in a form of hazard rate) provides the good type-wise uniformly faster. In large societies, the cost of delay is mainly determined by the highest type of the instant-exit player.

Suggested Citation

  • Hongcheng Li & Jialu Zhang, 2023. "Multiplayer War of Attrition with Asymmetric Private Information," Papers 2302.09427, arXiv.org, revised Feb 2024.
    • Handle: RePEc:arx:papers:2302.09427
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    References listed on IDEAS

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