The Adoption of Standards under Uncertainty
نویسندگان
چکیده
The presence of noise in compliance times may have a critical impact on the selection of new technological standards. A technically superior standard is not necessarily viable because an arbitrarily small amount of noise may render coordination on that standard impossible. The criterion for the viability of a standard is that the sum of “support ratios” of all players must be smaller than one, where the “support ratio” is defined as the ratio of the firm’s per-period cost of supporting a standard to the per-period gross benefit that a firm receives after all players comply with the standard. ∗We thank Philippe Aghion, Gary Chamberlain, Drew Fudenberg, Gautam Gowrisankaran, Marc Melitz, Paul Milgrom, Markus Möbius, Stephen Morris, Julie Mortimer, Petra Moser, Ariel Pakes and Alvin Roth for comments and suggestions.
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