Sequential competitions with a middle-mover advantage

Journal of Behavioral and Experimental Economics（2021）

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摘要

•I model a sequential competition with perfect information and symmetric payoffs.•The limiting logit equilibrium is used to refine the equilibria.•The equilibrium predicts that the first- and last-movers earn the lowest payoffs.•The equilibrium predicts that the middle-mover earns the highest (maximal) payoff.•A lab experiment shows a middle-mover advantage and a first-/last-mover disadvantage.

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关键词

Middle-mover advantage,First-mover disadvantage,Last-mover disadvantage,Sequential competition,All-pay contest,Voting,Information cascade,Quantal Response Equilibrium,Laboratory experiment

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