Karl Wärneryd: Dept. of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
Abstract: Under a myopic best-reply dynamic, efforts in repeated contests may exhibit chaotic behavior. This may help explain, e.g., why experimental data often show nonconvergence to one-shot equilibrium efforts.
13 pages, September 16, 2016
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