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April 30, 2011 | History

Information dynamics and equilibrium multiplicity in global games of regime changes 1 edition

Cover of: Information dynamics and equilibrium multiplicity in global games of regime changes | Marios Angeletos

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Information dynamics and equilibrium multiplicity in global games of regime changes
George-Marios Angeletos, Christian Hellwig, Alessandro Pavan

Published 2004 by Massachusetts Institute of Technology, Dept. of Economics in Cambridge, Mass .
Written in English.

About the Book

Global games of regime change - that is, coordination games of incomplete information in which a status quo is abandoned once a sufficiently large fraction of agents attacks it - have been used to study crises phenomena such as currency attacks, bank runs, debt crises, and political change. We extend the static benchmark examined in the literature by allowing agents to accumulate information over time and take actions in many periods. It is shown that dynamics may lead to multiple equilibria under the same information assumptions that guarantee uniqueness in the static benchmark. Multiplicity originates in the interaction between the arrival of information over time and the endogenous change in beliefs induced by the knowledge that the regime survived past attacks. This interaction also generates interesting equilibrium properties, such as the possibility that fundamentals predict the eventual regime outcome but not the timing or the number of attacks, or that dynamics alternate between crises and phases of tranquility without changes in fundamentals. Keywords: Global games, coordination, multiple equilibria, information dynamics, crises . JEL Classifications: C7, D7, D8, F3.

Edition Notes

"December 2004."

Includes bibliographical references (p. 29-30).

Abstract in HTML and working paper for download in PDF available via World Wide Web at the Social Science Research Network.

Series
Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 04-42, Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 04-42.

The Physical Object

Pagination
30 p. :
Number of pages
30

ID Numbers

Open Library
OL24640022M
Internet Archive
informationdynam00ange
OCLC/WorldCat
58722530

History Created April 30, 2011 · 1 revision Download catalog record: RDF / JSON

April 30, 2011 Created by ImportBot initial import