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Racing Under Uncertainty: A Boundary Value Problem Approach



In this paper I formulate a continuous time and continuous space version of Harris and Vickers (1987) Racing Under Uncertainty with potentially asymmetric players. To prove the existence and uniqueness of the equilibria, I use a boundary value problem formulation which is novel to the dynamic competition literature. In some cases, I obtain closed-form solutions of the equilibria in which equilibrium strategies exhibit the discouragement effect similar to the one in the original paper.

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  • Dan Cao, 2010. "Racing Under Uncertainty: A Boundary Value Problem Approach," Working Papers gueconwpa~10-10-07, Georgetown University, Department of Economics.
  • Handle: RePEc:geo:guwopa:gueconwpa~10-10-07

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    1. Christopher Harris & John Vickers, 1987. "Racing with Uncertainty," Review of Economic Studies, Oxford University Press, vol. 54(1), pages 1-21.
    2. Christopher Harris & John Vickers, 1985. "Perfect Equilibrium in a Model of a Race," Review of Economic Studies, Oxford University Press, vol. 52(2), pages 193-209.
    3. Reinganum, Jennifer F, 1983. "Uncertain Innovation and the Persistence of Monopoly," American Economic Review, American Economic Association, vol. 73(4), pages 741-748, September.
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