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Global vs. Local Information in (Anti-)Coordination Problems with Imitators

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Listed author(s):
  • Boncinelli Leonardo

    ()

    (University of Florence)

Abstract

In this paper I apply stochastic stability to compare the effect on welfare of local information and global information when agents adopt imitative behavioral rules. Under global information, agents can potentially imitate anyone, while under local information, the sets of observable agents are choice-dependent. The evaluation of information in terms of welfare enhancement is ambiguous over finite time horizons, while in the long run global information is worse (better) in the presence of pure negative (positive) spillovers. However, when preferences also depend on the choice itself, further ambiguity emerges, generally making the comparison uncertain.

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File URL: https://www.degruyter.com/view/j/bejte.2008.8.1/bejte.2008.8.1.1439/bejte.2008.8.1.1439.xml?format=INT
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Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 8 (2008)
Issue (Month): 1 (June)
Pages: 1-19

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Handle: RePEc:bpj:bejtec:v:8:y:2008:i:1:n:17
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  1. Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September.
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Cited by:

  1. Rockett, Katharine, 2010. "Property Rights and Invention," Handbook of the Economics of Innovation, Elsevier.
  2. repec:esx:essedp:663 is not listed on IDEAS
  3. Alós-Ferrer, Carlos & Weidenholzer, Simon, 2014. "Imitation and the role of information in overcoming coordination failures," Games and Economic Behavior, Elsevier, vol. 87(C), pages 397-411.
  4. Khan, Abhimanyu & Peeters, Ronald, 2015. "Imitation by price and quantity setting firms in a differentiated market," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 28-36.

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