The absence of attrition in a war of attrition under complete information
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Publication:2078041
Abstract: We consider a two-player game of war of attrition under complete information. It is well-known that this class of games admits equilibria in pure, as well as mixed strategies, and much of the literature has focused on the latter. We show that if the players' payoffs whilst in "war" vary stochastically and their exit payoffs are heterogeneous, then the game admits Markov Perfect equilibria in pure strategies only. This is true irrespective of the degree of randomness and heterogeneity, thus highlighting the fragility of mixed-strategy equilibria to a natural perturbation of the canonical model. In contrast, when the players' flow payoffs are deterministic or their exit payoffs are homogeneous, the game admits equilibria in pure and mixed strategies.
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Cited in
(18)- The war of attrition with incomplete information
- One-sided games in a war of attrition
- The endgame
- Equilibrium in a war of attrition with an option to fight decisively
- Integer game with delay
- Invader strategies in the war of attrition with private information
- Strategic investment with positive externalities
- The War of Attrition in Continuous Time with Complete Information
- scientific article; zbMATH DE number 1091568 (Why is no real title available?)
- Effects of a player's awareness of information acquisition and ability to change strategy in attrition games
- Asymptotics for the time of ruin in the war of attrition
- Asymmetric all‐pay auctions with spillovers
- Fomenting conflict
- Markov perfect equilibria in an N-player war of attrition
- Investments under strategic competition and uncertainty: a literature review on real option games
- Memoryless-strategy equilibria of a N-player war of attrition game with complete information
- The impact of perceived strength in the war of attrition
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