Racing Under Uncertainty: A Boundary Value Problem Approach
Dan Cao ()
Working Papers from Georgetown University, Department of Economics
In this paper I formulate a continuous time and continuous space version of Harris and Vickers (1987) Racing Under Uncertainty with potentially asymmetric players. To prove the existence and uniqueness of the equilibria, I use a boundary value problem formulation which is novel to the dynamic competition literature. In some cases, I obtain closed-form solutions of the equilibria in which equilibrium strategies exhibit the discouragement effect similar to the one in the original paper.
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Roger Lagunoff Professor of Economics Georgetown University Department of Economics Washington, DC 20057-1036
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