how communication mitigates this free-riding problem in an investment-timing game. In our baseline investment-timing game …. If more investors invest at the same time, they share the costs. In the communication treatment, subjects can freely … communicate before choosing the investment time. We find that in groups of two players, communication increases cooperation and …

other hand the decision makers rely too much on the received information. Moreover, communication as well as payoffs … communication is less biased. In all treatments, however, the messages are more precise than theoretically predicted. …