Abstract

In this note, we study a version of a war of attrition when all participants have to experience the longest delay before the consumption takes place. We show that all strategies are iteratively dominated and there is no mixed strategy Nash equilibrium. However, this game has a well-defined best response against a completely mixed strategy. We further argue that a number of real-life games fit our description. We also provide a real-life evidence that when such games are embedded into a larger game, the threat that players would be forced to play it affects equilibrium outcome.

Full Text
Paper version not known

Talk to us

Join us for a 30 min session where you can share your feedback and ask us any queries you have

Schedule a call

Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.