Fehr, Dietmar; Heinemann, Frank; Llorente-Saguer, Aniol - 2017
This paper presents an experiment on a coordination game with extrinsic random signals, in which we systematically vary … the stochastic process generating these signals and measure how signals affect behavior. We find that sunspot equilibria …-driven behavior, even when this is not an equilibrium. Private signals reduce the power of public signals as sunspot variables. The …