Cartwright, Edward - In: Journal of Economics 114 (2015) 1, pp. 63-74
In a setting where agents must choose between two investments, Zhang (in RAND J Econ 28:188–205, <CitationRef CitationID="CR7">1997</CitationRef>) proposed an equilibrium in which there is strategic delay. This equilibrium relied upon there being an information cascade. We shall demonstrate that an information cascade need not generally...</citationref>