Lambsdorff, Johann Graf; Schubert, Manuel; Giamattei, Marcus - In: Journal of Economic Dynamics and Control 37 (2013) 6, pp. 1213-1229
We run an experiment where groups of six subjects must set prices in a non-stationary macroeconomic environment, where prices are complements. The exogenous variable, a business indicator, is common knowledge and prices are flexible, disregarding sticky prices or sticky information. In a first...