War Of Attrition (game)
In game theory, the war of attrition is a model of aggression in which two contestants compete for a resource of value V by persisting while constantly accumulating costs over the time t that the contest lasts. The model was originally formulated by John Maynard Smith, a mixed evolutionarily stable strategy (ESS) was determined by Bishop & Cannings. Strategically, the game is an auction, in which the prize goes to the player with the highest bid, and each player pays the loser's low bid (making it an all-pay sealed-bid second-price auction).
Read more about War Of Attrition (game): Examining The Game, Dynamic Formulation and Evolutionarily Stable Strategy, The ESS in Popular Culture, Conclusions, See Also
Famous quotes containing the word war:
“Unless they are immediate victims, the majority of mankind behaves as if war was an act of God which could not be prevented; or they behave as if war elsewhere was none of their business. It would be a bitter cosmic joke if we destroy ourselves due to atrophy of the imagination.”
—Martha Gellhorn (b. 1908)