Does the delay option facilitate coordination between a large number of agents?
نویسندگان
چکیده
The paper presents a framework with multiple periods in which the delay option makes coordination between a large number of agents with payoff strategic complementarities more difficult because it increases the incentive to free-ride on the information provided by the observation of the aggregate level of activity. It analyzes conditions under which the option to delay facilitates or hampers the coordination of agents for investment in a state where investment would be optimal under perfect information. * Boston University ** Central Bank of Italy
منابع مشابه
Does the option for delay facilitate coordination?
The option to delay individual actions makes coordination between a large number of agents with payoff strategic complementarities more difficult because it increases the incentive to free-ride on the information provided by the observation of the aggregate level of activity. * Boston University ** Central Bank of Italy Comments lvaro Aguirre and by participants of workshops in Barcelona, Sao P...
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