|Wagner, Peter (4. May 2015): Who goes first? Strategic Delay and Learning by Waiting. SFB/TR 15 Discussion Paper No. 500|
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.
|Item Type:||Paper (Discussion Paper)|
|Faculties:||Economics > Munich Discussion Papers in Economics|
Special Research Fields > Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems
|Subjects:||300 Social sciences > 330 Economics|
|Last Modified:||12. May 2015 04:06|
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