A model is proposed to explain the results of recent experiments in which subjects repeatedly played a coordination game, with the right to play auctioned each period in a larger group. Subjects invariably bid the market-clearing price to a level recoverable only in the efficient equilibrium and...

This paper compares the leading theoretical approaches to equilibrium selection, both traditional and adaptive, in the light of recent experiments by Van Huyck, Battalio, and Beil (henceforth "VHBB") in which subjects repeatedly played coordination games, uncertain only about each other's...