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Collective Progress: Dynamics of Exit Waves

Author

Listed:
  • Doruk Cetemen
  • Can Urgun
  • Leeat Yariv

Abstract

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.

Suggested Citation

  • Doruk Cetemen & Can Urgun & Leeat Yariv, 2023. "Collective Progress: Dynamics of Exit Waves," Journal of Political Economy, University of Chicago Press, vol. 131(9), pages 2402-2450.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/724321
    DOI: 10.1086/724321
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    Cited by:

    1. Dong, Miaomiao & Mayskaya, Tatiana, 2024. "Does reducing communication barriers promote diversity?," Journal of Economic Theory, Elsevier, vol. 222(C).
    2. Xu, Boli, 2026. "Strategic exits in stochastic partnerships: the curse of profitability," Theoretical Economics, Econometric Society, vol. 21(1), January.

    More about this item

    JEL classification:

    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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