communicate before choosing the investment time. We find that in groups of two players, communication increases cooperation and … 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 …

the content of their communication reliably predicts subsequent prices. We find that already the mere mutual agreement to … meet predicts a strong increase in prices. Conversely, express distancing from communication completely nullifies its … otherwise price-increasing effect. Using machine learning, we show that communication only increases prices if it is very …