instructions' format affects the participants' understanding of the experiment, their speed of play and their experimental behavior …. We show that longer instructions do not significantly improve the subjects' understanding of the experiment; on …

We designed four observational learning experiments to identify the key channels that, along with Bayes …-rational inferences, drive herd behavior. In Experiment 1, unobserved, whose actions remain private, learn from the public actions made in … actions, but they overweight their low quality signals relative to public information. Experiments 2-4 reveal that non …

experiment. Using cognitive types, we can explain coordination failure in pure coordination games while differentiating between … coordination failure due to first- and higher-order beliefs. In our experiment, around 76% of the subjects have chosen the payoff …