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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Working Paper No. 621
Verlag: 
Queen Mary University of London, Department of Economics, London
Zusammenfassung: 
Considering a pure coordination game with a large number of equivalent equilibria, we argue, first, that a focal point that is itself not a Nash equilibrium and is Pareto dominated by all Nash equilibria, may attract the players' choices. Second, we argue that such a non-equilibrium focal point may act as an equilibrium selection device that the players use to coordinate on a closely related small subset of Nash equilibria. We present theoretical as well as experimental support for these two new roles of focal points as coordination devices.
Schlagwörter: 
Coordination game
Focal point
Nash equilibrium
Equilibrium selection
Coordination device
JEL: 
C72
C91
Dokumentart: 
Working Paper

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