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Equilibria in a Dynamic Global Game: The role of cohort effects

  • Heidhues, Paul

    (University of Pittsburgh)

  • Nicolas Melissas

We introduce strategic waiting in a global game setting. Players can wait in order to take a better informed decision. We allow for cohort effects, which naturally arise if the network externality in a given period depends on the mass of players who are actively using the technology at this point in time. Formally, cohort effects lead to intra-period network effects being greater than inter-period network effects. In the absence of cohort effects, our model has a unique rationalizable equilibrium. Cohort effects, however, can lead to multiple equilibria within the class of symmetric switching strategies.

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Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2003 with number 104.

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Date of creation: 04 Jun 2003
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Handle: RePEc:ecj:ac2003:104
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