A theory of focal points.¶
Sugden, R. (1995). A theory of focal points. The Economic Journal, 105(430), 533-550.
Cited by¶
1 citation across 1 artifact.
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Primes¶
- Coordination Problem and Equilibrium Selection
- Social conventions and measurement units: Language dialects, units of measure (metric vs. imperial), calendar systems (Gregorian vs. Julian), time zones, date formats (DD/MM/YYYY vs. MM/DD/YYYY vs. YYYY-MM-DD), currency choices, academic citation styles, all of which Sugden (1995) treats as paradigm cases of focal-point selection within local communities.
This sourceDevelops a theory of how labels and salience make particular equilibria focal in coordination problems such as measurement units and naming conventions.
- Social conventions and measurement units: Language dialects, units of measure (metric vs. imperial), calendar systems (Gregorian vs. Julian), time zones, date formats (DD/MM/YYYY vs. MM/DD/YYYY vs. YYYY-MM-DD), currency choices, academic citation styles, all of which Sugden (1995) treats as paradigm cases of focal-point selection within local communities.
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