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 …

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 …

We design a laboratory experiment to test the importance of wealth as a channel for financial contagion across markets …

be explained by learning or measurement error. Using both actions and beliefs data, we directly test the axioms …

, equilibrium contributions to public goods can be derived. We test our model experimentally and find robust evidence for our …