Mermer, Ayse; Onderstal, Sander; Sonnemans, Joep - 2022
investment timings. Players choose when to invest in a nonrival project with uncertain returns. The earliest investor bears the … costs of investment and all players learn whether the project is of good or bad quality. Informational externalities create … free-riding incentives resulting in strategic delays in investment timings. Our theoretical analysis suggests that …