War of Attrition (game)

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).