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Precedents can facilitate successful coordination within groups by reducing strategic uncertainty, but they may lead to … coordination failure when two groups with diverging precedents have to interact. This paper describes an experiment to explore how … such coordination failure can be mitigated and whether subjects are aware of it. In an initial phase, groups were able to …
Persistent link: https://www.econbiz.de/10009156473
Precedents can facilitate successful coordination within groups by reducing strategic uncertainty, but they may lead to … coordination failure when two groups with diverging precedents have to interact. This paper describes an experiment to explore how … such coordination failure can be mitigated and whether subjects are aware of it. In an initial phase, groups were able to …
Persistent link: https://www.econbiz.de/10010281540
Games with multiple Nash equilibria are believed to be easier to play if players can communicate. We present a simple model of communication in games and investigate the importance of when communication takes place. Sending a message before play captures talk about intentions, after play...
Persistent link: https://www.econbiz.de/10010200432
messages, on their credibility and on actual play. We run an experiment in a three-player coordination game with Pareto ranked …
Persistent link: https://www.econbiz.de/10010418867
Persistent link: https://www.econbiz.de/10011970017
We discuss the strategy that rational agents can use to maximize their expected long-term payoff in the co-action minority game. We argue that the agents will try to get into a cyclic state, where each of the (2N+1) agents wins exactly N times in any continuous stretch of (2N+1) days. We propose...
Persistent link: https://www.econbiz.de/10011849525
egocentric instead. Our results contribute to the understanding of coordination dynamics resting on heterogeneity and co …
Persistent link: https://www.econbiz.de/10011734522
×2 games. One-way communication weakly increases coordination on Nash equilibrium outcomes, although average payoffs sometimes … of symmetric 2×2 games, we find that communication facilitates coordination in common interest games with positive … spillovers and strategic complementarities, but there are also games in which any type of communication hampers coordination …
Persistent link: https://www.econbiz.de/10003586295
Persistent link: https://www.econbiz.de/10003384509
impossible in finite games. Firstly, in coordination games, all players have the same preferences: switching to a weakly dominant … action makes everyone at least as well off as before. Nevertheless, there are coordination games where the best outcome … action. Secondly, the location of payoff-dominant equilibria behaves capriciously: two coordination games that look so much …
Persistent link: https://www.econbiz.de/10003525965