Endogenous Timing and the Clustering of Agents' Decisions
Bibliographic Data
| ID | 10177089 |
|---|---|
| Authors | Faruk Gül, Russell J Lundholm (0000-0003-3961-2752), Russell Lundholm |
| Year | 1995 |
| Volume | 103 |
| Issue | 5 |
| Pages | 1039-1066 |
| Publication date | 1995-10-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/262012 |
| OpenAlex | W2035024769 |
| Language | EN |
| Citations received | 13 |
| References cited | 3 |
This paper presents a model in which agents choose an action and a time at which to take the action. The authors show that, when agents choose when to act, their decisions become clustered together, giving the appearance of an information cascade even though information is actually being used efficiently. This occurs because the passage of time allows the first acting agent to anticipate something about the second agent's information and, for a large class of delay cost functions, the equilibrium orders agents in such a way that the most extreme information is revealed first. Copyright 1995 by University of Chicago Press
Action (physics · Class (philosophy · Cluster analysis · Economics · Information cascade · Microeconomics · Statistics · Artificial Intelligence · Auction Theory and Applications · Computer Science · Economic theories and models · Game Theory and Applications · Mathematics
Informational Externalities, Herding, and Incentives
Computational Methods in Economic Dynamics
Using Response Times to Infer Otherss Beliefs
Wise or mad crowds? The cognitive mechanisms underlying information cascades
A cognitive computational approach to social and collective decision-making
A Dynamic Network Game for the Adoption of New Technologies
Information, imitation and growth
Leading, learning and herding
Shock and awe
Collective Progress
Information Aggregation with Random Ordering
A Cognitive Computational Approach to Social and Collective Decision-Making
Learning from the Behavior of Others
| Citations per year | 0.46 |
|---|---|
| Citation span | 1998 - 2023 (26) |
| Highly cited | No |