advantage in the final stage. We examine such momentum in conflict scenarios and investigate how valuable it must be to avoid a …, rent dissipation in the two-stage conflict is equal across party whether or not an individual obtains first-stage momentum … as useful conflict benchmarks, they dissipate additional expected contest rents. This additional rent-dissipative toll …

"The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain …