A war of attrition with endogenous effort levels

This paper extends the classic war of attrition to allow for a wide range of actions. Players alternate making arbitrary payments, and their opponent may either match this payment, or concede. We analyze both cases of complete and incomplete information. As opposed to the classic war of attrition, the equilibrium is unique, rent-dissipation is only partial, and weaker (lower valuation) players concede more quickly than stronger players.