TY - JOUR
T1 - One-sided games in a war of attrition
AU - Asako, Yasushi
N1 - Publisher Copyright:
© 2015 by De Gruyter 2015.
PY - 2015/7/1
Y1 - 2015/7/1
N2 - This study develops a war-of-attrition model with the asymmetric feature that one player can be defeated by the other but not vice versa; that is, only one player has an exogenous probability of being forced to capitulate. With complete information, the equilibria are almost identical to the canonical war-of-attrition model. On the other hand, with incomplete information on a player's robustness, a war where both players fight for some duration emerges. Moreover, a player who is never defeated may capitulate in equilibrium, and this player will give in earlier if the other player's fighting costs are greater.
AB - This study develops a war-of-attrition model with the asymmetric feature that one player can be defeated by the other but not vice versa; that is, only one player has an exogenous probability of being forced to capitulate. With complete information, the equilibria are almost identical to the canonical war-of-attrition model. On the other hand, with incomplete information on a player's robustness, a war where both players fight for some duration emerges. Moreover, a player who is never defeated may capitulate in equilibrium, and this player will give in earlier if the other player's fighting costs are greater.
KW - Bayesian learning
KW - asymmetric robustness
KW - attrition
KW - war
UR - http://www.scopus.com/inward/record.url?scp=84930737854&partnerID=8YFLogxK
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U2 - 10.1515/bejte-2014-0078
DO - 10.1515/bejte-2014-0078
M3 - Article
AN - SCOPUS:84930737854
SN - 1935-1704
VL - 15
SP - 313
EP - 331
JO - B.E. Journal of Theoretical Economics
JF - B.E. Journal of Theoretical Economics
IS - 2
ER -