Strategic experimentation with asymmetric safe options
研究了两玩家在安全收益不同时的战略性实验博弈，发现仅当安全收益差异足够大时存在阈值策略均衡，且高安全收益玩家实验更少，解释了为何初创企业常比市场领导者更易创新。
We study a two-player game of strategic experimentation with exponential bandits à la (Keller et al., 2005) where the safe-arm payoff is different across players. We show that, as in Das et al. (2020), there exists an equilibrium in cut-off strategies if and only if the difference in safe-arm payoffs is large enough. In the equilibrium in cutoff strategies, the player with the higher safe-arm payoff conducts less experimentation. This feature of the equilibrium offers an explanation for the fact that oftentimes technological innovations are due to startups rather than established market leaders.