Ten Isn’t Large! Group Size and Coordination in a Large-Scale Experiment

Author:

Arifovic Jasmina1,Hommes Cars2,Kopányi-Peuker Anita3,Salle Isabelle4

Affiliation:

1. Department of Economics, Simon Fraser University

2. Bank of Canada, University of Amsterdam, and Tinbergen Institute (email: )

3. Institute for Management Research, Radboud University, Nijmegen (email: )

4. Department of Economics, University of Ottawa, University of Amsterdam, and Tinbergen Institute (email: )

Abstract

We provide experimental evidence on coordination within large groups that could proxy the atomistic nature of real-world markets. We use a bank run game where the two pure-strategy equilibria can be ranked by payoff and risk dominance and a sequence of public announcements introduces stochastic sunspot equilibria. We find systematic group size effects that theory fails to predict. When the payoff-dominant strategy is risky enough, the behavior of small groups is uninformative of the behavior in large groups: unlike smaller groups of size ten, larger groups exclusively coordinate on the Pareto-inferior strategy and never coordinate on sunspots. (JEL C92, D83, D91, G21)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

Reference41 articles.

1. Strategic uncertainty and the power of extrinsic signals– evidence from an experimental study of bank runs

2. Individual evolutionary learning, other-regarding preferences, and the voluntary contributions mechanism

3. Are sunspots learnable? An experimental investigation in a simple macroeconomic model

4. Learning to believe in simple equilibria in a complex OLG economy - evidence from the lab

5. Arifovic, Jasmina, Cars Hommes, Anita Kopányi-Peuker, and Isabelle Salle. 2023. "Replication Data for: Ten Isn't Large! Group Size and Coordination in a Large-Scale Experiment." American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https://doi.org/10.3886/E146421V1.

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