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dc.contributor.authorHeinemann, Franken_US
dc.contributor.authorLlorente-Saguer, Aniolen_US
dc.contributor.authorFehr, Dietmaren_US
dc.date.accessioned2011-08-12T09:51:33Z-
dc.date.available2011-08-12T09:51:33Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48724-
dc.description.abstractWe present an experiment in which extrinsic signals may generate sunspot equilibria. The game has a unique symmetric non-sunspot equilibrium, which is also risk dominant. Other equilibria can be ordered according to risk dominance. By comparing treatments with different information structure, we measure the force of extrinsic signals. Results indicate that Sunspot equilibria emerge naturally, if there are salient (but extrinsic) public signals. However, salient private signals of high precision may also cause sunspot-like behavior even though this is no equilibrium. The higher the precision of signals and the easier they can be aggregated, the more powerful they are in dragging behavior away from the risk dominant to risk dominated strategies.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesBeiträge zur Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft: Lektionen aus der Krise - Session: Information Economics B14-V3en_US
dc.subject.jelC72en_US
dc.subject.jelC92en_US
dc.subject.jelD84en_US
dc.subject.ddc330en_US
dc.subject.keywordcoordination games-
dc.subject.keywordstrategic uncertainty-
dc.subject.keywordsunspot equilibria-
dc.subject.keywordirrelevant information-
dc.titleThe Power of Sunspots: An Experimental Analysisen_US
dc.typeConference Paperen_US
dc.identifier.ppn67175470Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:vfsc11:48724-
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft - Lektionen aus der Krise

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