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  • amvs160623

    Rights statement: This is the author’s version of a work that was accepted for publication in Games and Economic Behavior. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Games and Economic Behavior, 99, 2016 DOI: 10.1016/j.geb.2016.07.001

    Accepted author manuscript, 707 KB, PDF document

    Available under license: CC BY-NC-ND: Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License

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Duplicative search

Research output: Contribution to journalJournal articlepeer-review

Published
<mark>Journal publication date</mark>09/2016
<mark>Journal</mark>Games and Economic Behavior
Volume99
Number of pages22
Pages (from-to)1-22
Publication StatusPublished
Early online date13/07/16
<mark>Original language</mark>English

Abstract

In this paper we examine the dynamic search of two rivals looking for a prize of known value that is hidden in an unknown location, modeled as search for treasure on an island. In every period, the players choose how much to search of the previously unsearched portion of the island in a winner-takes-all contest. If the players cannot coordinate so as to avoid searching the same locations, the unique equilibrium involves complete dissipation of rents. On the other hand, if the players have some (even limited) ability to coordinate so as to avoid duplicative search and the search area is sufficiently small, there is a unique equilibrium in which the full area is searched and each player earns a positive expected return.

Bibliographic note

This is the author’s version of a work that was accepted for publication in Games and Economic Behavior. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Games and Economic Behavior, 99, 2016 DOI: 10.1016/j.geb.2016.07.001