This paper considers a adjustment process in a society with a continuum of agents. Each agent takes an action upon entry and commits to it until he is replaced by his successor at a stochastic point in time. In this society, rationality is common Knowledge, but beliefs may not be coordinated...

This paper studies equilibrium selection in supermodular games based on perfect foresight dynamics. A normal form game is played repeatedly in a large society of rational agents. There are frictions: opportunities to revise actions follow independent Poison processes. Each agent forms his belief...