Discussion paper

DP3784 Delay in Contests

Why is there delay in contests? In this Paper we follow and extend the line of reasoning of Carl von Clausewitz to explain delay. For a given contest technology, delay may occur if there is an asymmetry between defense and attack, if the expected change in relative strengths is moderate, and if the additional cost of investment in future strength is low.


Bester, H and K Konrad (2003), ‘DP3784 Delay in Contests‘, CEPR Discussion Paper No. 3784. CEPR Press, Paris & London. https://cepr.org/publications/dp3784