Shows the regime threshold \(\theta^*\) as functions of \(\alpha_x\). Solid lines show the regime thresholds when there is information manipulation, dashed lines show the thresholds when there is no information manipulation. If primitives are relatively favorable to the regime (say \(p=0.75\)), the coordination effect identified by Metz (2002) and the information manipulation effect pull in opposite directions, giving rise to a “hump-shaped” function. If primitives are unfavorable to the regime (say \(p=0.25\)), both forces drive \(\theta^*\) down.