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These equilibria exhibit inefficiencies that we can interpret as coordination failures.
But with random re-matching, teams experience pervasive 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.
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.
We characterize the premuneration values under which uniform-price equilibria similarly exhibit inefficiencies only in the event of coordination failures.
This paper focuses on the importance of strategic complementarity in agents' payoff functions as a basis for macroeconomic coordination failures.
Each of these paradigms has an associated market failure, such as rational bubbles, coordination failures, moral hazard, and cascades, respectively.
Economists have written down mathematical models of coordination failures for decades.
Such coordination failures arise because real world, as opposed to textbook, economies don't have anyone coordinating supply and demand.
Coordination failures can't necessarily be fixed with tax cuts or hiring subsidies or making larger transfer payments to the public.
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CEO of Professional Science Editing for Scientists @ prosciediting.com