How Do Market Prices and Cheap Talk Affect Coordination?
通过实验研究市场和廉价谈话两种沟通机制如何影响投资者在面临基本面和策略不确定性时的投资决策与协调效率，发现市场无法改善协调而廉价谈话有效。
ABSTRACT In many scenarios such as banking and liquidity crises, inefficiencies often arise because investors face uncertainties about economic fundamentals and the strategies of other investors. How information affects fundamental uncertainty is well studied, but how information affects strategic uncertainty is underexplored. This paper examines how two communication mechanisms, market and cheap talk, affect investment decisions and efficiency in an experimental investment game with both fundamental and strategic uncertainty. I find that the market does not improve coordination because the expectation that coordination failures will occur is self‐fulfilling, while cheap talk improves coordination because the signals of willingness to invest alleviate strategic uncertainty.