This paper presents a model in which agents choose an action and a tim
e at which to take the action. We show that when agents choose when to
act, their decisions become clustered together, giving the appearance
of an information cascade, even though information is actually being
used efficiently. This occurs because the passage of time allows the f
irst acting agent to anticipate something about the second agent's inf
ormation, and for a large class of delay cost functions, the equilibri
um orders agents in such a way that the most extreme information is re
vealed first.