- 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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- Volume:
- 5872
- Publication date:
- 1997
- URN:
-
uuid:8896ec7d-72f6-467a-b348-7c06371e0084
- Local pid:
- oai:economics.ouls.ox.ac.uk:12004
- Language:
- English
- Copyright date:
- 1997
Working paper
The Generalized War of Attrition.
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