What Price Coordination? The Efficiency-enhancing Effect of Auctioning the Right to Play.
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 bid the market-clearing price to a level recoverable only in the efficient equilibrium and then converged...
| Main Authors: | , |
|---|---|
| Format: | Journal article |
| Language: | English |
| Published: |
American Economic Association
1998
|