Abstract
This paper considers a "war of attrition" game in which agents learn about an uncertain state of the world through private signals and from their peers. I provide existence and uniqueness results for a class of equilibria that satisfy a "full-participation" condition, and show that asymmetries in the distribution of information can lead to excessive stopping and an oversupply of information relative to the social optimum.
Dokumententyp: | Paper |
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Fakultät: | Volkswirtschaft > Munich Discussion Papers in Economics
Sonderforschungsbereiche > Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems |
Themengebiete: | 300 Sozialwissenschaften > 330 Wirtschaft |
URN: | urn:nbn:de:bvb:19-epub-24764-2 |
Sprache: | Englisch |
Dokumenten ID: | 24764 |
Datum der Veröffentlichung auf Open Access LMU: | 11. Mai 2015, 06:41 |
Letzte Änderungen: | 05. Nov. 2020, 16:03 |
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