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We characterize the unique Markov perfect equilibrium of a tug-of-war without exogenous noise, in which players have the opportunity to engage in a sequence of battles in an attempt to win the war. Each battle is an all-pay auction in which the player expending the greater resources wins. In...
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contests. Players may win a prize for winning each component contest, as well as a prize for winning the overall race. Each …, sports, and R&D contests and the results have empirical counterparts there. …
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Competition in some markets is a contest. This paper studies the merger incentives in such markets. Merger can be …
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Altruists and envious people who meet in contests are symbionts. They do better than a population of narrowly rational …
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firms compete in all-pay auctions with complete information, silent shareholdings introduce asymmetric externalities into the all-pay auction framework. If the strongest firm owns a large share in the second strongest firm, this may make the strongest firm abstain from bidding. As a consequence,...
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