This paper analyzes the dynamic stability of moral codes in a two population trust game. Guided by a moral code, members of one population, the Trustors, are willing to punish members of the other population, the Trustees, who defect. Under replicator dynamics, adherence to the moral code has...

We present an endogenous-timing conflict game of incomplete information under strategic complementarity. The model predicts multiple equilibria, in which the outcome follows either a simultaneous move game (Baliga and Sjostrom, 2004) or a sequential game, which improves social welfare. We study...