Details

Autor(en) / Beteiligte

• Arifovic, Jasmina
• Evans, George W.
• Kostyshyna, Olena

Titel

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

Ist Teil von

• Journal of economic dynamics & control, 2020-01, Vol.110, p.103775, Article 103775

Ort / Verlag

Elsevier B.V

Erscheinungsjahr

2020

Link zum Volltext

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• We conduct experiments with human subjects in a model with a positive production externality in which productivity is a nondecreasing function of the average level of employment of other firms. The model has three steady states and a sunspot equilibrium that fluctuates between the high and low steady states. Steady states are payoff ranked: low values give lower profits than higher values. We investigate whether subjects can learn a sunspot equilibrium. We observe coordination on the extrinsic announcements in our experimental economies. Cases of apparent convergence to the low and high steady states are also observed.