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The Generalized War of Attrition.

Abstract:

We generalize the War of Attrition model to allow for N + K firms competing for N prizes. Two special cases are of particular interest. First, if firms continue to pay their full costs after dropping out (as in a standard-setting context), each firm's exit time is independent both of K and of the actions of other players. Second, in the limit in which firms pay no costs after dropping out (as in a natural-oligopoly problem), the field is immediately reduced to N + 1 firms. Furthermore, we hav...

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Jeremy Bulow More by this author
Paul Klemperer More by this author
Volume:
5872
Publication date:
1997
URN:
uuid:8896ec7d-72f6-467a-b348-7c06371e0084
Local pid:
oai:economics.ouls.ox.ac.uk:12004
Language:
English

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