the stochastic process generating these signals and measure how signals affect behavior. We find that sunspot equilibria … emerge naturally if there are salient public signals. However, highly correlated private signals can also lead to sunspot …-driven behavior, even when this is not an equilibrium. Private signals reduce the power of public signals as sunspot variables. The …

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 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 … (and possibly irrelevant) information. Results indicate that sunspot equilibria emerge naturally if there are salient (but …

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 …

Sunspot-Variable zu einer Koordination auf Auszahlungs-dominierte Gleichgewichte führen. Nur wenn die Sunspot …A sunspot variable is any random variable that is not related to fundamental factors of the economy but a potential … discussion reached a new peak during the European sovereign debt crisis. We ask: can a sunspot variable, in form of a random …

-strategy equilibrium solutions to the two auctions, and then test them in a sequence of experiments that vary the number of bidders and …