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Bonatti, Alessandro and Hörner, Johannes
(2017)
Learning to Disagree in a Game of Experimentation.
TSE Working Paper, n. 17-791, Toulouse
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Official URL : http://tse-fr.eu/pub/31600
Abstract
We analyze strategic experimentation in which information arrives through fully revealing, publicly observable “breakdowns.” When actions are hidden, there exists a unique symmetric equilibrium that involves randomization over stopping times. With two players, this is the unique equilibrium. Randomization leads to dispersion in actions and to belief disagreement on the equilibrium path. The resulting lack of coordination has significant welfare consequences. In contrast, when actions are observable, the equilibrium is pure and welfare improves.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Language: | English |
| Date: | March 2017 |
| Place of Publication: | Toulouse |
| Uncontrolled Keywords: | Experimentation, free-riding, mixed strategies, monitoring, delay |
| JEL Classification: | C73 - Stochastic and Dynamic Games; Evolutionary Games; Repeated Games D83 - Search; Learning; Information and Knowledge; Communication; Belief O33 - Technological Change - Choices and Consequences; Diffusion Processes |
| Subjects: | B- ECONOMIE ET FINANCE |
| Divisions: | TSE-R (Toulouse) |
| Institution: | Université Toulouse 1 Capitole |
| Site: | UT1 |
| Date Deposited: | 30 Mar 2017 11:44 |
| Last Modified: | 02 Apr 2021 15:55 |
| OAI Identifier: | oai:tse-fr.eu:31600 |
| URI: | https://publications.ut-capitole.fr/id/eprint/23335 |
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