We analyze the coordination problem of agents deciding to join a group that uses membership revenues to provide a discrete public good and excludable benefits. The public good and the benefits are jointly produced, so that benefits are valued only if the group succeeds in providing the public...

This paper examines social learning when only one of the two types of decisions is observable. Because agents arrive randomly over time, and only those who invest are observed, later agents face a more complicated inference problem than in the standard model, as the absence of investment might...