Does the option for delay facilitate coordination?
نویسندگان
چکیده
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 Paulo and the Central Bank of Chile are gratefully acknowledged.
منابع مشابه
Does the delay option facilitate coordination between a large number of agents?
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 th...
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