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Coordination games with Pareto-ranked equilibria have attracted major theoretical attention over the past two decades …. Two early path-breaking sets of experimental studies were widely interpreted as suggesting that coordination failure is a …, of coordination failure in the lab and review critically the existing experimental studies on coordination games with …
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We compare coordination success of individuals and teams in the minimum effort coordination game. The game is played by …. But with random re-matching, teams experience pervasive coordination failures. A public recommendation to a strategy or a … performance bonus exhorting players to coordinate to the payoff-dominant equilibrium has similar impact on coordination for both …
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Are communication failures common? We revisit a classic example of experimental coordination failure and explore, in a … 2x2 design, the effects of deviation costs and loss avoidance. Our results suggest how to engineer coordination …
Persistent link: https://www.econbiz.de/10005146527
Economists long considered money illusion to be largely irrelevant. Here we show, however, that money illusion has powerful effects on equilibrium selection. If we represent payoffs in nominal terms, choices converge to the Pareto inefficient equilibrium; however, if we lift the veil of money by...
Persistent link: https://www.econbiz.de/10005760925
Economists long considered money illusion to be largely irrelevant. Here we show, however, that money illusion has powerful effects on equilibrium selection. If we represent pay-offs in nominal terms, choices converge to the Pareto inefficient equilibrium; however, if we lift the veil of money...
Persistent link: https://www.econbiz.de/10005791766
Reinforcement learning has proved quite successful in predicting subjects' adjustment behaviour in repeatedly played simple games. However, reinforcement learning does not predict convergence to the efficient cell in the minimal information game of mutual fate control, while earlier...
Persistent link: https://www.econbiz.de/10005407543
The assumption that agents engage in maximizing behavior, while ubiquitous in economic theory, differs from the assumption that agents are willing to rely on the maximizing behavior of others. This paper offers an empirical examination of this distinction using experimental methods. Utilizing a...
Persistent link: https://www.econbiz.de/10009204072