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Conventions and institutions in coordination problems
1996
De Economist
This survey article starts with a game-theoretic interpretation of coordination problems that occur in an economy. Three types of coordination games are discussed, in which the degree of coordination versus conflict varies. It is shown that game-theoretic techniques for equilibrium selection or securing the highest pay-off outcome do not always suffice, which raises the need for exogenous information. Coordination norms, such as conventions and institutions, may provide this information. The
doi:10.1007/bf01682834
fatcat:san37hhgzjc3zdsk7wrphnnune