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Coordination problems triggered by sunspots in the laboratory
Journal of Behavioral and Experimental Economics ( IF 1.6 ) Pub Date : 2021-07-02 , DOI: 10.1016/j.socec.2021.101741
Jan Siebert 1 , Guanzhong Yang 1
Affiliation  

A sunspot variable is any random variable that is not related to fundamental factors of the economy but a potential coordination device. The coordination power of sunspots has been analysed in theory and in experiments. However, some have discussed whether sunspots, e.g., public announcements such as financial market ratings, can create coordination problems. That discussion reached a new peak during the European sovereign debt crisis. We ask: can a sunspot variable, in form of a random forecast, trigger coordination problems? To answer that, we use a repeated three-player stag hunt game with fixed groups. In our experiment, a sunspot variable points randomly at the risk-dominant or the payoff-dominant choice. We find out-of-equilibrium behaviour caused by the sunspot variable in the short run. In the long run, the sunspot variable can lead to coordination on payoff-dominated equilibria. Only if the sunspot variable points more often to the payoff-dominated alternative, some groups use the sunspot variable consistently as a coordination device.



中文翻译:

实验室中太阳黑子引发的协调问题

太阳黑子变量是任何与经济基本因素无关但潜在协调装置的随机变量。已经在理论和实验中分析了太阳黑子的协调能力。然而,有些人已经讨论了太阳黑子,例如金融市场评级等公告,是否会造成协调问题。这一讨论在欧洲主权债务危机期间达到了新的高峰。我们问:以随机预测的形式出现的太阳黑子变量是否会引发协调问题?为了回答这个问题,我们使用了一个重复的三人猎鹿游戏,其中包含固定的组。在我们的实验中,一个太阳黑子变量随机指向风险主导或收益主导的选择。我们发现了短期内由太阳黑子变量引起的失衡行为。长期来说,太阳黑子变量可以导致收益主导均衡的协调。只有当太阳黑子变量更频繁地指向收益主导的替代方案时,一些团体才会始终使用太阳黑子变量作为协调工具。

更新日期:2021-07-09
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