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Technology Adoption Under Strategic Complementarity: Less Information Can Do Better

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  • Stefano MANZOCCHI

    ([n.a.])

  • Domenico MARINUCCI

    ([n.a.])

Abstract

Strategic complementarities can lead to multiple Nash equilibria in macro-economic models. When this is the case of a decentralized economy, agents have to choose their strategy on the basis of the expected behaviour of other agents, but the concept of rational expectations is not a guide to selecting among multiple Nash equilibria. Our point is that perfect observation without coordination can lead to less efficient outcomes in a specific example of "coordination game", where the Nash equilibria can be Pareto-ranked and expectations are "backward-looking".

Suggested Citation

  • Stefano MANZOCCHI & Domenico MARINUCCI, 1993. "Technology Adoption Under Strategic Complementarity: Less Information Can Do Better," Working Papers 37, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    • Handle: RePEc:anc:wpaper:37
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