{"id":8131,"date":"2024-02-09T14:54:16","date_gmt":"2024-02-09T13:54:16","guid":{"rendered":"https:\/\/www.uni.lu\/fdef-en\/?post_type=events&#038;p=8131"},"modified":"2024-02-19T10:25:47","modified_gmt":"2024-02-19T09:25:47","slug":"dem-research-seminar-with-nicolas-klein-university-of-montreal-ca","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/","title":{"rendered":"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA"},"content":{"rendered":"\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/calendar\"\n                target=\"_self\"\n        class=\"btn btn--secondary\"\n            >Add to calendar<\/a>\n<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><strong><strong><strong><strong>Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics<\/strong><\/strong><\/strong><\/strong><\/p>\n\n\n\n<p><strong>Abstract:<\/strong><\/p>\n\n\n\n<p>We analyze a dynamic investment model in which short-lived agents sequentially decide how much to invest in a project of uncertain feasibility. The outcome of the project (success\/failure) is observed after a fixed lag. We characterize the unique equilibrium and show that, in contrast with the case without lag, the unique equilibrium dynamics is not in thresholds. If the initial belief is relatively high, investment decreases monotonically as agents become more pessimistic about the feasibility of the innovation. Otherwise, investment is not monotone in the public belief: players alternate periods of no investment and periods of positive, decreasing investment. The reason is that the outcome lag creates competition between a player and her immediate predecessors. A player whose predecessors did not invest may find investment attractive even if she is more pessimistic about the technology than her predecessors. We compare the total investment obtained in this equilibrium with that obtained with an alternative reward scheme where a mediator collects all the information about the players&#8217; experiences until some deadline, and splits the payoff between all the players who obtained a success before the deadline.<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><strong>Language:<\/strong> English<\/p>\n\n\n\n<p><strong>Registration:<\/strong><br>&#8211; Free seminar<br>&#8211; Registration to&nbsp;<a href=\"mailto:dem@uni.lu\">dem@uni.lu<\/a>&nbsp;(please specify full name and institution)<\/p>\n\n\n<div class=\"wp-block-unilux-blocks-spacer is-spacer-size-sm\"><\/div>\n\n\n<p><strong>Contact:<br><\/strong><a href=\"mailto:dem@uni.lu\">dem@uni.lu<\/a> <br>Tel: +352 46 66 44 6283<\/p>\n\n\n\n<p><em>Joint work with&nbsp;Chantal Marlats et Lucie M\u00e9nager<\/em><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":47,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2024-02-27 13:00:00","event_end_date":"2024-02-27 14:00:00","event_speaker_name":"Nicolas Klein","event_speaker_link":"","event_is_online":false,"event_location":"Campus Kirchberg","event_street":"6, Rue Richard Coudenhove-Kalergi","event_location_link":"https:\/\/www.uni.lu\/en\/about\/campuses\/kirchberg-campus\/","event_zip_code":"1359","event_city":"Luxembourg","event_country":"Luxembourg"},"events-topic":[298],"events-type":[323,322,315],"organisation":[138,101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA - FDEF events I Uni.lu<\/title>\n<meta name=\"description\" content=\"Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics Abstract: We analyze a dynamic investment model in which short-lived agents\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA\" \/>\n<meta property=\"og:description\" content=\"Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics Abstract: We analyze a dynamic investment model in which short-lived agents\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-19T09:25:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/02\/thumbnails-news-events-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"665\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/\",\"name\":\"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA - FDEF events I Uni.lu\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"datePublished\":\"2024-02-09T13:54:16+00:00\",\"dateModified\":\"2024-02-19T09:25:47+00:00\",\"description\":\"Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics Abstract: We analyze a dynamic investment model in which short-lived agents\",\"breadcrumb\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.uni.lu\/en\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Faculty of Law, Economics and Finance\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Events\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/events\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"name\":\"FDEF\",\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\",\"publisher\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\"},\"alternateName\":\"Faculty of Law, Economics and Finance I ±¬ÁϳԹÏÍø\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\",\"name\":\"FDEF - ±¬ÁϳԹÏÍø I Uni.lu\",\"alternateName\":\"Faculty of Law, Economics and Finance\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"width\":2560,\"height\":2560,\"caption\":\"FDEF - ±¬ÁϳԹÏÍø I Uni.lu\"},\"image\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/04\/24144328\/20200609-Belval-Campus_Henri-Goergen-23.jpg\",\"sameAs\":[\"https:\/\/www.facebook.com\/uni.FDEF.lu\",\"https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/\"],\"email\":\"communication@uni.lu\",\"telephone\":\"+3524666441\",\"address\":{\"@type\":\"PostalAddress\",\"streetAddress\":\"2, place de l\u2019Universit\u00e9\",\"addressLocality\":\"Esch-sur-Alzette\",\"postalCode\":\"4365\",\"addressCountry\":\"LU\"},\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA - FDEF events I Uni.lu","description":"Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics Abstract: We analyze a dynamic investment model in which short-lived agents","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/","og_locale":"en_GB","og_type":"article","og_title":"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA","og_description":"Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics Abstract: We analyze a dynamic investment model in which short-lived agents","og_url":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/","og_site_name":"FDEF EN","article_publisher":"https:\/\/www.facebook.com\/uni.FDEF.lu","article_modified_time":"2024-02-19T09:25:47+00:00","og_image":[{"width":1000,"height":665,"url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2024\/02\/thumbnails-news-events-2.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/","url":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/","name":"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA - FDEF events I Uni.lu","isPartOf":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#website"},"datePublished":"2024-02-09T13:54:16+00:00","dateModified":"2024-02-19T09:25:47+00:00","description":"Racing with a Rearview Mirror: Innovation Lag and Investment Dynamics Abstract: We analyze a dynamic investment model in which short-lived agents","breadcrumb":{"@id":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.uni.lu\/fdef-en\/events\/dem-research-seminar-with-nicolas-klein-university-of-montreal-ca\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.uni.lu\/en"},{"@type":"ListItem","position":2,"name":"Faculty of Law, Economics and Finance","item":"https:\/\/www.uni.lu\/fdef-en\/"},{"@type":"ListItem","position":3,"name":"Events","item":"https:\/\/www.uni.lu\/fdef-en\/events\/"},{"@type":"ListItem","position":4,"name":"DEM Research Seminar with Nicolas Klein, University of Montr\u00e9al, CA"}]},{"@type":"WebSite","@id":"https:\/\/www.uni.lu\/fdef-en\/#website","url":"https:\/\/www.uni.lu\/fdef-en\/","name":"FDEF","description":"Faculty of Law, Economics and Finance I Uni.lu","publisher":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#organization"},"alternateName":"Faculty of Law, Economics and Finance I ±¬ÁϳԹÏÍø","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.uni.lu\/fdef-en\/#organization","name":"FDEF - ±¬ÁϳԹÏÍø I Uni.lu","alternateName":"Faculty of Law, Economics and Finance","url":"https:\/\/www.uni.lu\/fdef-en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","width":2560,"height":2560,"caption":"FDEF - ±¬ÁϳԹÏÍø I Uni.lu"},"image":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/04\/24144328\/20200609-Belval-Campus_Henri-Goergen-23.jpg","sameAs":["https:\/\/www.facebook.com\/uni.FDEF.lu","https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/"],"email":"communication@uni.lu","telephone":"+3524666441","address":{"@type":"PostalAddress","streetAddress":"2, place de l\u2019Universit\u00e9","addressLocality":"Esch-sur-Alzette","postalCode":"4365","addressCountry":"LU"},"description":"Faculty of Law, Economics and Finance I Uni.lu"}]}},"_links":{"self":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/events\/8131"}],"collection":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/events"}],"about":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/types\/events"}],"author":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/comments?post=8131"}],"version-history":[{"count":5,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/events\/8131\/revisions"}],"predecessor-version":[{"id":8402,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/events\/8131\/revisions\/8402"}],"wp:attachment":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media?parent=8131"}],"wp:term":[{"taxonomy":"events-topic","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/events-topic?post=8131"},{"taxonomy":"events-type","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/events-type?post=8131"},{"taxonomy":"organisation","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/organisation?post=8131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}