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This paper studies a game of strategic experimentation in which the players have access to two-armed bandits where the … is an inefficiently low level of experimentation in any equilibrium where the players use stationary Markovian strategies … equilibria depends on the way players share the burden of experimentation among them. We show that at least for relatively …
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This paper studies a game of strategic experimentation with two-armed bandits whose risky arm might yield a payoff only … experimentation in any equilibrium where the players use stationary Markovian strategies with posterior beliefs as the state variable … acquisition; the efficiency of these equilibria depends on the way players share the burden of experimentation among them. In …
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Theoretical models have had difficulties to account, at the same time, for the most important stylized facts observed in experiments of the Voluntary Contribution Mechanism. A recent approach tackling that gap is Arifovic and Ledyard (2012), which implements social preferences in tandem with an...
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We experimentally implement a dynamic public-good problem, where the public good in question is the dynamically evolving information about agents' common state of the world. Subjects' behavior is consistent with free-riding because of strategic concerns. We also find that subjects adopt more...
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(e.g., a vaccine) to incentivize agents to experiment with the product. Assuming that the agents are long-lived and …
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