For those about to talk we salute you: an experimental study of credible deviations and ACDC |
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Authors: | Adrian de Groot Ruiz Theo Offerman Sander Onderstal |
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Institution: | 1. Department of Economics, Institute for Management Research, Radboud University Nijmegen, P.O. Box 9108, 6500 HK, Nijmegen, The Netherlands 2. Faculty of Economics and Business, University of Amsterdam, Roetersstraat 11, Amsterdam, 1018 WB, The Netherlands
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Abstract: | We test the Average Credible Deviation Criterion (ACDC), a stability measure and refinement for cheap talk equilibria introduced in De Groot Ruiz et al. (Equilibrium selection in cheap talk games: ACDC rocks when other criteria remain silent, Working paper, University of Amsterdam 2012a). ACDC has been shown to be predictive under general conditions and to organize data well in previous experiments meant to test other concepts. In a new experimental setting, we provide the first systematic test of whether and to which degree credible deviations matter for the stability of cheap talk equilibria. Our principal experimental result is that in a setting where existing concepts are silent, credible deviations matter and matter gradually, as predicted by ACDC. |
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