It is well documented that the possibility of punishing free-riders increases contributions in one-shot public good games. I demonstrate theoretically that minimal punishment commitments (perhaps provided by anger) may lead to high contribution levels. Thus, almost selfish players may behave as...

Players repeatedly face a coordination problem in a dynamic global game. By choosing a risky action (invest) instead of waiting, players risk instantaneous losses as well as a loss of payoffs from future stages, in which they cannot participate if they go bankrupt. Thus, the total strategic risk...

This paper studies the enforcement abilities of authorities with a limited commitment to punishing violators. Commitment of resources su±cient to punish only one agent is needed to enforce high compliance of an arbitrary number of agents. Though existence of other, non-compliance equilibria is...

We study how the presence of multiple participation opportunities coupled with individual learning about payoff affects the ability of agents to coordinate efficiently in global coordination games. Two players face the option to invest irreversibly in a project in one of many rounds. The project...

Players repeatedly face a coordination problem in a dynamic global game. By choosing a risky action (invest) instead of waiting, players risk instantaneous losses as well as a loss of payoffs from future stages, in which they cannot participate if they go bankrupt. Thus, the total strategic risk...

We study how the presence of multiple participation opportunities coupled with individual learning about payoffs affects the ability of agents to coordinate efficiently in global coordination games. Two players face the option to invest irreversibly in a project in one of many rounds. The...

It is well documented that the possibility of punishing free-riders increases contributions in one-shot public good games. I demonstrate theoretically that minimal punishment commitments (perhaps provided by anger) may lead to high contribution levels. Thus, almost selfish players may behave as...

We present a family of tractable dynamic global games and its applications. Agents privately learn about a fixed fundamental, and repeatedly adjust their investments while facing frictions. The game exhibits many externalities: payoffs may depend on the volume of investment, on its volatility,...

We study coordination in dynamic global games with private learning. Players choose whether and when to invest irreversibly in a project whose success depends on its quality and the timing of investment. Players gradually learn about project quality. We identify conditions on temporal incentives...