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| Content Provider | Springer Nature Link |
|---|---|
| Author | Heinemann, Frank |
| Copyright Year | 2005 |
| Abstract | Investitionsentscheidungen mit Netzwerkeffekten, Refinanzierung illiquider Unternehmen und spekulative Attacken sind typische Beispiele für Koordinationsspiele mit multiplen Gleichgewichten. Durch Berücksichtigung privater Informationen ermöglicht die Theorie globaler Spiele unter bestimmten Umständen ein eindeutiges Gleichgewicht zu ermitteln. Dieser Beitrag gibt eine Einführung in die Theorie globaler Spiele und zeigt, dass die Eindeutigkeit des Gleichgewichts voraussetzt, dass die Spieler über hinreichend präzise private Information verfügen. Öffentliche Informationen können hingegen zu Multiplizität und somit zu erwartungsgetriebenen Sprüngen zwischen verschiedenen Gleichgewichten führen. Hieraus lassen sich Kriterien für optimale Informationsmechanismen ableiten. So zeigt sich beispielsweise, dass eine gut informierte Zentralbank die Wahrscheinlichkeit spekulativer Attacken minimiert, wenn sie ihre Informationen jedem Akteur individuell mit möglichst geringer ideosynkratischer Verzerrung weitergibt. Investment decisions with network effects, refinancing illiquid firms, and speculative attacks are typical examples for coordination games with multiple equilibria. By introducing private information about payoff relevant parameters, the theory of global games embeds such coordination games in a stochastic environment, in which the game may have a unique equilibrium. This paper provides an introduction to the theory of global games and shows that it delivers a unique equilibrium if private information is sufficiently precise, while public information may lead to equilibria with self-fulfilling beliefs. This implies some criteria for optimal mechanisms of information dissemination. For example, a well-informed central bank can minimize the prior probability of currency crises by committing to provide information to private actors with small idiosyncratic errors. |
| Starting Page | 209 |
| Ending Page | 241 |
| Page Count | 33 |
| File Format | |
| ISSN | 03449327 |
| Journal | Journal für Betriebswirtschaft |
| Volume Number | 55 |
| Issue Number | 3 |
| e-ISSN | 1614631X |
| Language | German |
| Publisher | Springer-Verlag |
| Publisher Date | 2005-01-01 |
| Publisher Place | Berlin, Heidelberg |
| Access Restriction | Subscribed |
| Subject Keyword | Global games Business/Management Science |
| Content Type | Text |
| Resource Type | Article |
| Subject | 1400/1401 Strategy and Management |
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