We present an experiment in which extrinsic information (signals) may generate sunspot equilibria. The underlying … coordination game has a unique symmetric non-sunspot equilibrium, which is also risk-dominant. Other equilibria can be ordered … signals affect behavior. Sunspot equilibria emerge naturally if there are salient public signals. Highly correlated private …

We 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 … Sunspot equilibria emerge naturally, if there are salient (but extrinsic) public signals. However, salient private signals of …

, independently of the initial strategy profile. In the experimental part we test this prediction. Our results show that the accuracy …

, and formulate a statistical test that rejects consistency. Effects of the belief elicitation procedure on subsequent …