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Coordination games and the option to wait

Listed author(s):
  • Andrew Wait

    ()

    (University of Sydney)

  • Vladimir Smirnov

    ()

    (University of Sydney)

We take a coordination game and add the option to wait each player can opt to take an action in the standard game or they can decide to wait. If one player has taken a standard option, the waiting player can adopt their best response to this action. Interpreting the payoff in the final period (when there is no waiting possible) as a outside option or default, we show that a party's equilibrium payoff can be decreasing in their default. Further, a player''s role of leader or follower alternates as the number of waiting periods changes.

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File URL: http://www.accessecon.com/pubs/EB/2005/Volume3/EB-05C70013A.pdf
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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 3 (2005)
Issue (Month): 18 ()
Pages: 1-4

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Handle: RePEc:ebl:ecbull:eb-05c70013
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  1. Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, August.
  2. van Damme, Eric & Hurkens, Sjaak, 2004. "Endogenous price leadership," Games and Economic Behavior, Elsevier, vol. 47(2), pages 404-420, May.
  3. Shaked, Avner & Sutton, John, 1984. "Involuntary Unemployment as a Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 52(6), pages 1351-1364, November.
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