Anderson, Steven T.; Friedman, Daniel; Oprea, Ryan - In: American Economic Review 100 (2010) 4, pp. 1778-1803
Several impatient investors with private costs <em>C<sub>i</sub></em> face an indivisible irreversible investment opportunity whose value <em>V</em> is governed by geometric Brownian motion. The first investor <em>i</em> to seize the opportunity receives the entire payoff, <em>V-C<sub>i</sub></em>. We characterize the symmetric Bayesian Nash...