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There are two well-studied timing games in economics: In a War of Attrition, having more predecessors helps; in a Pre-emption Game, more predecessors hurts. This paper introduces and explores a rich new spanning class of timing games with _rank-order payoffs_ that subsumes both timing games as...
Persistent link: https://www.econbiz.de/10005051432
We introduce and solve a new class of static portfolio choice problems, where only the best realized alternative matters. A decision maker must simultaneously choose among independent ranked options, and the better alternatives have a lower chance of panning out. Each choice is costly, and just...
Persistent link: https://www.econbiz.de/10005051431