The Optimal Strategy in the Minimum Effort Game

Date

2018-06-29

Advisors

Journal Title

Journal ISSN

ISSN

2073-4336

Volume Title

Publisher

MDPI

Type

Article

Peer reviewed

Yes

Abstract

A simple expression is derived for the optimal strategy in the minimum effort game. This maps from player beliefs to an optimal effort level. From this expression the set of Nash equilibria in the game is fully characterized. All Nash equilibria are symmetric and involve at most two actions being played with positive probability. We discuss how our expression for the optimal strategy can help inform on the comparative statics of a change in the number of players and effort cost benefit ratio.

Description

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link. Open access article

Keywords

minimum effort game, weak link game, Nash equilibrium, beliefs

Citation

Cartwright, E. (2018) The Optimal Strategy in the Minimum Effort Game. Games, 9 (3), pp. 42.

Rights

Research Institute

Institute for Applied Economics and Social Value (IAESV)