War of Attrition

The War of Attrition is a concept from game theory describing a situation where two or more parties compete by enduring a costly contest, like a fight or negotiation, to outlast each other. The goal is often to discourage the other side from continuing, knowing that prolonging the conflict incurs expenses or risks. Each side decides how long to persist, balancing the benefit of winning against the cost of ongoing effort or resources. Ultimately, it models situations where persistence and endurance are key, and the winner is the one willing to bear the highest costs to secure the prize.