Two male iguanas, one red, the other one blue, fight over territory. Each iguana chooses a time at which it intends to give up the fight. If one iguana concedes, the other obtains the entire territory. If both give up exactly at the same time then they divide the territory equally. The red iguana values the territory atv1 bigger than 0, and the blue one atv2 bigger than 0,wherev1 bigger than v2. Fighting is costly: each iguana loses one unit of payoff for each time period spent fighting, and thus both prefer as short a fight as possible. Assume that each iguana decides in advance how long to fight, and thus the game can be formulated as a simultaneous-move game. What is the strategic form of the game and identify all its Nash-equilibria.