Endogenous Timing and the Clustering of Agents' Decisions
构建了一个模型，其中代理人同时选择行动和行动时机，结果显示当代理人能选择时机时，决策会聚类出现，看似信息级联但实际信息被有效利用，因为时间推移使先行动者能预判后行动者的信息。
This paper presents a model in which agents choose an action and a time at which to take the action. The authors show that, when agents choose when to act, their decisions become clustered together, giving the appearance of an information cascade even though information is actually being used efficiently. This occurs because the passage of time allows the first acting agent to anticipate something about the second agent's information and, for a large class of delay cost functions, the equilibrium orders agents in such a way that the most extreme information is revealed first. Copyright 1995 by University of Chicago Press.