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Finite blockchain games
Ewerhart, Christian - 2020
This paper studies the dynamic construction of a blockchain by competitive miners. In contrast to the literature, we assume a finite time horizon. It is shown that popular mining strategies such as adherence to conservative mining or to the longest-chain rule constitute pure-strategy Nash...
Persistent link: https://www.econbiz.de/10012253772
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Finite Blockchain Games
Ewerhart, Christian - 2020
This paper studies the dynamic construction of a blockchain by competitive miners. In contrast to the literature, we assume a finite time horizon. Moreover, miners are rewarded for blocks that eventually become part of the longest chain. It is shown that popular mining strategies such as...
Persistent link: https://www.econbiz.de/10012827846
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Finite blockchain games
Ewerhart, Christian - 2020
This paper studies the dynamic construction of a blockchain by competitive miners. In contrast to the literature, we assume a finite time horizon. It is shown that popular mining strategies such as adherence to conservative mining or to the longest-chain rule constitute pure-strategy Nash...
Persistent link: https://www.econbiz.de/10012249763
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Fictitious Play in Networks
Ewerhart, Christian - 2019
This paper studies fictitious play in networks of noncooperative two-person games. We show that continuous-time fictitious play converges to the set of Nash equilibria if the overall n-person game is zero-sum. Moreover, the rate of convergence is 1/T, regardless of the size of the network. In...
Persistent link: https://www.econbiz.de/10012902571
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Contest success functions: The common-pool perspective
Ewerhart, Christian - 2015
The axiomatic route to the foundation of contest success functions (CSF) has proved to be both useful and prolific. The standard approach in the literature is based on the decision-theoretic notion that choice probabilities should be independent of irrelevant alternatives (Skaperdas, Economic...
Persistent link: https://www.econbiz.de/10011282529
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Contest success functions : the common-pool perspective
Ewerhart, Christian - 2015 - This version: June 10, 2015
The axiomatic route to the foundation of contest success functions (CSF) has proved to be both useful and prolific. The standard approach in the literature is based on the decision-theoretic notion that choice probabilities should be independent of irrelevant alternatives (Skaperdas, Economic...
Persistent link: https://www.econbiz.de/10011279745
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Relative Performance in Bilateral Trade
Ewerhart, Christian - Institut für Volkswirtschaftslehre, … - 2007
Concerns for relative performance are integrated into a model of contractual renegotiation in bilateral trade. It is … shown that concerns for relative performance do never impede efficient trade. Moreover, conditional on renegotiation to … performance make the occurrence of renegotiation more likely, and may thereby lead to underinvestment even in very optimistic …
Persistent link: https://www.econbiz.de/10005463532
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Rent-seeking games and the all-pay auction
Ewerhart, Christian - Institut für Volkswirtschaftslehre, … - 2015
This paper considers rent-seeking games in which a small percentage change in a player's bid has a large percentage impact on her odds of winning, i.e., on the ratio of her respective probabilities of winning and losing. An example is the Tullock contest with a high R. The analysis provides a...
Persistent link: https://www.econbiz.de/10011145357
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Monotone comparative statics with separable objective functions
Ewerhart, Christian - Institut für Volkswirtschaftslehre, … - 2010
The sum of a supermodular function, assumed nondecreasing in the choice variable, and of a 'concavely supermodularizable' function, assumed nonincreasing in the parameter variable, satisfies the Milgrom-Shannon (1994, Monotone comparative statics, Econometrica 62, 157-180) single crossing...
Persistent link: https://www.econbiz.de/10008625741
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Cournot games with biconcave demand
Ewerhart, Christian - Institut für Volkswirtschaftslehre, … - 2011
Biconcavity is a simple condition on inverse demand that corresponds to the ordinary concept of concavity after simultaneous parameterized transformations of price and quantity. The notion is employed here in the framework of the homogeneous-good Cournot model with potentially heterogeneous...
Persistent link: https://www.econbiz.de/10009003654