Collective Progress
Dynamics of Exit Waves
Bibliographic Data
| ID | 10180212 |
|---|---|
| Authors | Doruk Cetemen (0000-0002-1934-4685, City, University of London), Can Urgun (Princeton University), Leeat Yariv (Centre for Economic Policy Research) |
| Year | 2023 |
| Volume | 131 |
| Issue | 9 |
| Pages | 2402-2450 |
| Publication date | 2023-02-02 |
| Peer Reviewed | Yes |
| 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 | 10.1086/724321 |
| OpenAlex | W3173520487 |
| Language | EN |
| Citations received | 2 |
| References cited | 31 |
We introduce a framework for studying collective search by teams. Discoveries are correlated over time and governed by a Brownian path, where search speed is jointly controlled. Agents individually choose when to cease search and implement their best discovery. We characterize equilibrium and optimal policies. Search speeds are constant within active alliances and depend on complementarities between members. A drawdown stopping boundary governs each agent's search termination. The consequent exit waves, whereby possibly heterogeneous agents cease search simultaneously, exhibit deterministic sequencing but stochastic timing. We highlight environments with lower than optimal equilibrium speeds and search durations, and different exit waves
Boundary (topology · Brownian motion · Constant (computer programming · Drawdown (hydrology · Economics · Mathematical analysis · Mathematical economics · Mathematical optimization · Optimal stopping · Path (computing · Physics · Statistical physics · Computer Science · Economic Theory and Institutions · Game Theory and Applications · Geology · Mathematics · Political Economy and Marxism
| Unique citing works | 2 |
|---|---|
| Citations per year | 0.67 |
| Citation span | 2023 - 2024 (2) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 2 |