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But with random re-matching, teams experience pervasive coordination failures.
These equilibria exhibit inefficiencies that we can interpret as coordination failures.
Personalized price equilibrium outcomes are independent of premuneration values and exhibit inefficiencies only in the event of "coordination failures," while uniform-price equilibria depend on premuneration values and in general feature inefficient investments even without coordination failures.
This paper focuses on the importance of strategic complementarity in agents' payoff functions as a basis for macroeconomic coordination failures.
We characterize the premuneration values under which uniform-price equilibria similarly exhibit inefficiencies only in the event of coordination failures.
Last April, a report found numerous problems and coordination failures among a spectrum of agencies and services that were to have assisted the family.
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These moves may worsen expectations about the future because everyone may think, "Gee, the economy must really be bad if the government is going to these lengths to stimulate hiring". What's needed to fix our country's coordination failure is coordinated collective action to hire, invest and lend.
In such a scenario, economic downturns appear to be the result of coordination failure: The invisible hand fails to coordinate the usual, optimal, flow of production and consumption.
Van Huyck, John B, Raymond C. Battalio, and Richard O. Beil, "Tacit Coordination Games, Strategic Uncertainty, and Coordination Failure," American Economic Review, 80, 234-248.
Many died because the rescue effort was plagued by communication breakdowns, a lack of coordination, failure to prepare.
The paper then evaluates the need for policy coordination, distinguishing between weak and strong forms of coordination failure.
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