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Strategic Uncertainty, Equilibrium Selection, and Coordination Failure in Average Opinion Games

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Author Info
Van Huyck, John B
Battalio, Raymond C
Beil, Richard O
Abstract

Deductive equilibrium analysis often fails to provide a unique equilibrium solution in many situations of strategic interdependence. Consequently, a theory of equilibrium selection would be a useful complement to the theory of equilibrium points. A salient equilibrium selection principle would allow decisionmakers to implement a mutual best response outcome. This paper uses the experimental method to examine the salience of payoff-dominance, security, and historical precedents in related average opinion games. The systematic and, hence, predictable behavior observed in the experiments suggests that it should be possible to construct an accurate theory of equilibrium selection. Copyright 1991, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Publisher Info
Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 106 (1991)
Issue (Month): 3 (August)
Pages: 885-910
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Handle: RePEc:tpr:qjecon:v:106:y:1991:i:3:p:885-910

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  1. Miguel Costa-Gomes & Vincent Crawford & Bruno Broseta, 1998. "Cognition and Behavior in Normal-Form Games: An Experimental Study," University of California at San Diego, Economics Working Paper Series 1998-22, Department of Economics, UC San Diego. [Downloadable!]
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  2. Jordi Brandts & David J. Cooper, 2006. "A Change Would Do You Good .... An Experimental Study on How to Overcome Coordination Failure in Organizations," American Economic Review, American Economic Association, vol. 96(3), pages 669-693, June. [Downloadable!]
  3. Philippe Raab, 2005. "Can Endogenous Group Formation Prevent Coordination Failure? A Theoretical and Experimental Investigation," IZA Discussion Papers 1628, Institute for the Study of Labor (IZA). [Downloadable!]
  4. Giovanna Devetag, 2000. "Coordination in "Critical Mass" Games: An Experimental Study," LEM Papers Series 2000/03, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  5. Susanne Büchner & Werner Güth & Luis M. Miller, 2005. "Conventions for Selecting Among Conventions - An Evolutionary and Experimental Analysis," Papers on Strategic Interaction 2005-21, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
  6. Quazi Shahriar & Subhasish Dugar, 2009. "Focal Points and Economic Efficiency: Role of Relative Label Salience," Working Papers 0033, San Diego State University, Department of Economics. [Downloadable!]
  7. Francesco Feri & Bernd Irlenbusch & Matthias Sutter, 2008. "Efficiency Gains from Team-Based Coordination – Large-Scale Experimental Evidence," Working Papers 2008-22, Faculty of Economics and Statistics, University of Innsbruck. [Downloadable!]
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  8. Giovanna Devetag & Andreas Ortmann, 2006. "When and Why? A Critical Survey on Coordination Failure in the Laboratory," CEEL Working Papers 0605, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
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  9. Camerer, Colin & Ho, Teck-Hua, 1997. "Experience-Weighted Attraction Learning in Games: A Unifying Approach," Working Papers 1003, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  10. Dimitri Dubois & Phu Nguyen Van & Marc Willinger, 2007. "Risque relatif dans un jeu de coordination : une analyse expérimentale," Annales d'Economie et de Statistique, ADRES, issue 85, pages 04, Janvier-M. [Downloadable!]
  11. Teck H. Ho & Noah Lim & Colin Camerer, 2005. "Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics," Levine's Bibliography 784828000000000476, UCLA Department of Economics. [Downloadable!]
  12. Antonio Cabrales & Raffaele Miniaci & Marco Piovesan & Giovanni Ponti, 2009. "Social Preferences and Strategic Uncertainty: An Experiment on Markets and Contracts," Working Papers 2009-09, FEDEA. [Downloadable!]
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  13. J. Van Huyck & R. Battalio & F. Rankin, 1996. "On the Evolution of Convention: Evidence from Coordination Games," Levine's Working Paper Archive 548, David K. Levine. [Downloadable!]
  14. Nikos Nikiforakis, 2008. "Feedback; Punishment and Cooperation in Public Good Experiments," Department of Economics - Working Papers Series 1036, The University of Melbourne. [Downloadable!]
  15. Dimitri Dubois & Marc Willinger & Phu Nguyen Van, 2008. "Optimization incentive and relative riskiness in experimental coordination games," Working Papers 08-19, LAMETA, Universtiy of Montpellier, revised Nov 2008. [Downloadable!]
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  16. Charles A. Holt & Jacob K. Goeree, . "An Experimental Study of Costly Coordination," Virginia Economics Online Papers 326, University of Virginia, Department of Economics. [Downloadable!]
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  17. John Duffy, 2008. "Macroeconomics: A Survey of Laboratory Research," Working Papers 334, University of Pittsburgh, Department of Economics, revised Mar 2008. [Downloadable!]
  18. Jordi Brandts & David J. Cooper, 2004. "A Change Would Do You Good . . . An Experimental Study on How to Overcome Coordination Failure in Organizations," UFAE and IAE Working Papers 606.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC). [Downloadable!]
  19. Giovanna Devetag & Andreas Ortmann, 2007. "Classic coordination failures revisited: the effects of deviation costs and loss avoidance," CEEL Working Papers 0703, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
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