Güth, Werner; Müller, Wieland; Spiegel, Yossi - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2002
We examine the strategic behavior of leaders and followers in sequential duopoly experimentsin which followers either … perfectly observe the leaders’ actions or else observe nothing. Ourexperiments show that consistent with the theory, leaders … showthat (i) leaders do not fully exploit their first-mover advantage, (ii) when informed, followerstend to overreact slightly …