Collective Progress: Dynamics of Exit Waves

Esat Doruk Cetemen, Can Urgun and Leeat Yariv

No 29008, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study a model of collective search by teams. Discoveries beget discoveries and correlated search results are governed by a Brownian path. Search results' variation at any point---the search scope---is jointly controlled. Agents individually choose when to cease search and implement their best discovery. We characterize equilibrium and optimal policies. Search scope is constant and independent of search outcomes as long as no member leaves. It declines after departures. A simple drawdown stopping boundary governs each agent’s search termination. We show the emergence of endogenous exit waves, whereby possibly heterogeneous agents cease search all at once.

JEL-codes: C73 D81 D83 O35 (search for similar items in EconPapers)
Date: 2021-07
New Economics Papers: this item is included in nep-mic
Note: EFG IO POL PR
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Published as Doruk Cetemen & Can Urgun & Leeat Yariv, 2023. "Collective Progress: Dynamics of Exit Waves," Journal of Political Economy, vol 131(9), pages 2402-2450.

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Related works:
Working Paper: Collective Progress: Dynamics of Exit Waves (2021)
Working Paper: Collective Progress: Dynamics of Exit Waves (2021)
Working Paper: Collective Progress: Dynamics of Exit Waves (2021)
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