Strategic Delay and the Onset of Investment Cascades
Strategic Delay and the Onset of Investment Cascades
复制标题
战略延迟和级联投资的开始
DOI：
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发表时间：
1997
期刊：
影响因子：
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通讯作者：
Jianbo Zhang
中科院分区：
文献类型：
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作者：
Jianbo Zhang
我在一个框架中研究群体行为现象，在这个框架中，主体可以内生地选择行动和行动的时机。我认为特工们可能私下知道这些信息的质量和内容。证明了纯策略中存在唯一的对称均衡，并以其封闭形式进行了刻画。在均衡状态下，投资级联总是会发生，并且在投资级联突然发生之前存在战略延迟。我还研究了延迟和信息级联造成的福利损失
I study the phenomenon of herd behavior in a framework where agents can endogenously choose both the actions and the timing of their actions. I assume that agents may have privately known quality and content of information. A unique symmetric equilibrium in pure strategies is proved to exist and characterized in its closed form. An investment cascade always occurs in the equilibrium, and a strategic delay is shown to exist before the sudden onset of the investment cascade. I also examine the loss of welfare from delay and information cascade