Coordinating Regime Switches
扩展了战略互补性的经典模型，引入异质主体和不完全信息，发现存在唯一均衡，其中活动水平会随机在高和低之间切换，对宏观经济学和革命研究有参考价值。
The canonical model of strategic complementarities between individual actions, which exhibits multiple equilibria under perfect information, is extended with heterogeneous agents and imperfect information. Agents observe their own cost of action and the history of the levels of aggregate activity. The distribution of individual characteristics evolves through a random process, and individuals are rational Bayesians. Under plausible conditions, there is a unique equilibrium with phases of high and low activity and random switches. Applications may be found in macroeconomics and revolutions.