Strategies for Pairwise Competition in Markets and Organizations

Bradford Cornell and Richard Roll

Bell Journal of Economics, 1981, vol. 12, issue 1, 201-213

Abstract: Biologists' models of competition among animals are useful for understanding human conflict. Such models are explained and applied here to examples of market and organizational behavior. An equilibrium strategy for securities trading, for instance, can consist of accepting the market price on some occasions while investing resources in security analysis on others. An organizational example involves seniority. As a device for settling conflicts within an organization, seniority can be adopted voluntarily by all participants, even if it is wholly unrelated to ability.

Date: 1981
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