The effect of endogenous timing on coordination under asymmetric information: An experimental study
This paper investigates the role of endogenous timing of decisions on coordination under asymmetric information. In the equilibrium of a global coordination game, where players choose the timing of their decision, a player who has sufficiently high beliefs about the state of the economy undertakes a...
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| Published in | Games and economic behavior Vol. 86; pp. 264 - 281 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Duluth
Elsevier Inc
01.07.2014
Academic Press |
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| Online Access | Get full text |
| ISSN | 0899-8256 1090-2473 |
| DOI | 10.1016/j.geb.2014.03.018 |
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| Abstract | This paper investigates the role of endogenous timing of decisions on coordination under asymmetric information. In the equilibrium of a global coordination game, where players choose the timing of their decision, a player who has sufficiently high beliefs about the state of the economy undertakes an investment without delay. This decision (potentially) triggers an investment by the other player whose beliefs would have led to inaction otherwise. Endogenous timing has two distinct effects on coordination: a learning effect (early decisions reveal information) and a complementarity effect (early decisions eliminate strategic uncertainty for late movers). The experiments that we conduct to test these theoretical results show that the learning effect of timing has more impact on the subjects' behavior than the complementarity effect. We also observe that subjects' welfare improves significantly under endogenous timing. |
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| AbstractList | This paper investigates the role of endogenous timing of decisions on coordination under asymmetric information. In the equilibrium of a global coordination game, where players choose the timing of their decision, a player who has sufficiently high beliefs about the state of the economy undertakes an investment without delay. This decision (potentially) triggers an investment by the other player whose beliefs would have led to inaction otherwise. Endogenous timing has two distinct effects on coordination: a learning effect (early decisions reveal information) and a complementarity effect (early decisions eliminate strategic uncertainty for late movers). The experiments that we conduct to test these theoretical results show that the learning effect of timing has more impact on the subjects' behavior than the complementarity effect. We also observe that subjects' welfare improves significantly under endogenous timing. All rights reserved, Elsevier This paper investigates the role of endogenous timing of decisions on coordination under asymmetric information. In the equilibrium of a global coordination game, where players choose the timing of their decision, a player who has sufficiently high beliefs about the state of the economy undertakes an investment without delay. This decision (potentially) triggers an investment by the other player whose beliefs would have led to inaction otherwise. Endogenous timing has two distinct effects on coordination: a learning effect (early decisions reveal information) and a complementarity effect (early decisions eliminate strategic uncertainty for late movers). The experiments that we conduct to test these theoretical results show that the learning effect of timing has more impact on the subjects' behavior than the complementarity effect. We also observe that subjects' welfare improves significantly under endogenous timing. |
| Author | Brindisi, Francesco Çelen, Boğaçhan Hyndman, Kyle |
| Author_xml | – sequence: 1 givenname: Francesco surname: Brindisi fullname: Brindisi, Francesco email: fb2102@columbia.edu organization: NYC Office of Management and Budget, 255 Greenwich Street, New York, NY 10007, USA – sequence: 2 givenname: Boğaçhan orcidid: 0000-0002-1698-3983 surname: Çelen fullname: Çelen, Boğaçhan email: bc319@nyu.edu organization: Melbourne Business School, 200 Leicester Street, Carlton, VIC 3053, Australia – sequence: 3 givenname: Kyle orcidid: 0000-0003-3666-8734 surname: Hyndman fullname: Hyndman, Kyle email: KyleB.Hyndman@utdallas.edu organization: Naveen Jindal School of Management, University of Texas at Dallas, 800 W. Campbell Rd (SM31), Richardson, TX 75080, USA |
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| Cites_doi | 10.1016/j.geb.2011.07.005 10.1111/j.1468-0262.2004.00544.x 10.1111/0002-9092.00188 10.1016/j.jebo.2012.12.001 10.1016/j.jet.2008.02.001 10.1007/s10683-007-9183-z 10.1111/j.1540-6261.2005.00762.x 10.1016/j.geb.2012.10.014 10.1111/j.1468-0262.2007.00766.x 10.2307/2951491 10.2307/2555702 10.1257/aer.99.4.1484 10.2307/2555589 10.1086/261409 10.2139/ssrn.1000105 10.1007/s10683-006-9159-4 10.1016/j.jet.2006.03.004 10.1086/262012 10.2139/ssrn.1003420 10.1016/j.geb.2012.05.005 10.2307/2951507 10.1016/0304-3878(91)90034-S 10.1023/A:1025357004821 10.1086/261155 10.2307/2555533 10.1257/aer.96.5.1720 10.2307/2527262 10.1111/1468-0297.00273 10.1007/s00199-005-0644-3 10.1086/261707 |
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| Snippet | This paper investigates the role of endogenous timing of decisions on coordination under asymmetric information. In the equilibrium of a global coordination... |
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| SubjectTerms | Asymmetric information Beliefs Coordination Decision making Delay Experiment Experiments Game theory Global games Information Information economics Learning Studies Timing issues Uncertainty |
| Title | The effect of endogenous timing on coordination under asymmetric information: An experimental study |
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