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Announcement wars as an equilibrium selection device

  • ACOCELLA, Nicola

    ()

    (Sapienza University of Rome, Department of Geo-economics, I-00161 Rome, Italy)

  • DI BARTOLOMEO, Giovanni

    ()

    (University of Teramo, Faculty of Communication, I-64100 Teramo, Italy)

  • HUGHES HALLETT, Andrew

    ()

    (School of Public Policy, George Mason University, Fairfax, VA, USA)

  • PIACQUADIO, Paolo G.

    ()

    (Université catholique de Louvain, CORE and IRES, B-1348 Louvain-la-Neuve, Belgium)

This paper attempts to give a rationale to public announcements, so often observed in the real world, and to formalize the idea that they can be used as a form of equilibrium selection device when multiple equilibria arise. It also shows how announcements solve the problems of coordination failures as predicted by the empirical literature based on experimental studies

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2009077.

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Date of creation: 01 Dec 2009
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Handle: RePEc:cor:louvco:2009077
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