Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 26, 2017 erstellt
Description:
This paper models a war of attrition where participants first choose contest investment levels that act as a constraint for how long they can compete. To include a measure of the resource's transferability to other uses (e.g. other contests), expenditures are a convex combination of investment decisions and the contest's duration. It is shown in the symmetric equilibrium that participants use a mixed strategy for their resource investments and plan to exhaust those resources in the contest. Implications of participants' abilities to compete in subsequent contests are explored. These modifications to the standard model allow for important insights into a variety of pre-calculated and budgeted all-pay contests