Preemption with a second-mover advantage

We examine a timing game with complete information and observable actions when there is second-mover advantage. Allowing for heterogenous payoffs between players both leader follower payoff functions to be multi-peaked non-monotonic, we develop new solution method characterize the pure-strategy equilibria. Sometimes these resemble familiar advantage equilibria from literature. However, show, despite at all times players, that can preemption equilibrium. Our generic applied range of applications, such as market entry, innovation holdout games rival sellers complementary assets.