Dynamic coordination among heterogeneous agents
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13530 |
Resumo: | We study a dynamic model of coordination with timing frictions and payoff heterogeneity. There is a unique equilibrium, characterized by thresholds that determine the choices of each type of agent. We characterize equilibrium for the limiting cases of vanishing timing frictions and vanishing shocks to fundamentals. A lot of conformity emerges: despite payoff heterogeneity, agents’ equilibrium thresholds partially coincide as long as there exists a set of beliefs that would make this coincidence possible – though they never fully coincide. In case of vanishing frictions, the economy behaves almost as if all agents were equal to an average type. Conformity is not inefficient. The efficient solution would have agents following others even more often and giving less importance to the fundamental |
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Guimarães, Bernardo de VasconcellosPereira, Ana Elisa GonçalvesEscolas::EESP2015-03-17T00:53:23Z2015-03-17T00:53:23Z2015-03-16TD 380http://hdl.handle.net/10438/13530We study a dynamic model of coordination with timing frictions and payoff heterogeneity. There is a unique equilibrium, characterized by thresholds that determine the choices of each type of agent. We characterize equilibrium for the limiting cases of vanishing timing frictions and vanishing shocks to fundamentals. A lot of conformity emerges: despite payoff heterogeneity, agents’ equilibrium thresholds partially coincide as long as there exists a set of beliefs that would make this coincidence possible – though they never fully coincide. In case of vanishing frictions, the economy behaves almost as if all agents were equal to an average type. Conformity is not inefficient. The efficient solution would have agents following others even more often and giving less importance to the fundamentalengEESP - Textos para Discussão;TD 380CoordinationConformityHeterogeneous agentsDynamic gamesTiming frictionsEconomiaEconomiaDynamic coordination among heterogeneous agentsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 380 - Bernardo Guimaraes - Ana Elisa Pereira.pdfTD 380 - Bernardo Guimaraes - Ana Elisa Pereira.pdfapplication/pdf1180618https://repositorio.fgv.br/bitstreams/fd2c0c75-faec-4bf7-907d-bf5154c848eb/download4da347149cbe9067d1e0078942b76c62MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/1dfd1dfd-0394-4df2-9fc4-4e267a6e8716/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTTD 380 - Bernardo Guimaraes - Ana Elisa Pereira.pdf.txtTD 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dc.title.eng.fl_str_mv |
Dynamic coordination among heterogeneous agents |
title |
Dynamic coordination among heterogeneous agents |
spellingShingle |
Dynamic coordination among heterogeneous agents Guimarães, Bernardo de Vasconcellos Coordination Conformity Heterogeneous agents Dynamic games Timing frictions Economia Economia |
title_short |
Dynamic coordination among heterogeneous agents |
title_full |
Dynamic coordination among heterogeneous agents |
title_fullStr |
Dynamic coordination among heterogeneous agents |
title_full_unstemmed |
Dynamic coordination among heterogeneous agents |
title_sort |
Dynamic coordination among heterogeneous agents |
author |
Guimarães, Bernardo de Vasconcellos |
author_facet |
Guimarães, Bernardo de Vasconcellos Pereira, Ana Elisa Gonçalves |
author_role |
author |
author2 |
Pereira, Ana Elisa Gonçalves |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Guimarães, Bernardo de Vasconcellos Pereira, Ana Elisa Gonçalves |
dc.subject.por.fl_str_mv |
Coordination Conformity Heterogeneous agents Dynamic games |
topic |
Coordination Conformity Heterogeneous agents Dynamic games Timing frictions Economia Economia |
dc.subject.eng.fl_str_mv |
Timing frictions |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Economia |
description |
We study a dynamic model of coordination with timing frictions and payoff heterogeneity. There is a unique equilibrium, characterized by thresholds that determine the choices of each type of agent. We characterize equilibrium for the limiting cases of vanishing timing frictions and vanishing shocks to fundamentals. A lot of conformity emerges: despite payoff heterogeneity, agents’ equilibrium thresholds partially coincide as long as there exists a set of beliefs that would make this coincidence possible – though they never fully coincide. In case of vanishing frictions, the economy behaves almost as if all agents were equal to an average type. Conformity is not inefficient. The efficient solution would have agents following others even more often and giving less importance to the fundamental |
publishDate |
2015 |
dc.date.accessioned.fl_str_mv |
2015-03-17T00:53:23Z |
dc.date.available.fl_str_mv |
2015-03-17T00:53:23Z |
dc.date.issued.fl_str_mv |
2015-03-16 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13530 |
dc.identifier.sici.none.fl_str_mv |
TD 380 |
identifier_str_mv |
TD 380 |
url |
http://hdl.handle.net/10438/13530 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
EESP - Textos para Discussão;TD 380 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
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