Coordination in the Presence of Asset Markets
通过两个实验，研究了资产市场对后续协调博弈结果的影响，发现市场会显著降低效率，即使不扭曲博弈激励，且市场价格能预测博弈结果。
We explore the relationship between outcomes in a coordination game and a pre-play asset market where asset values are determined by outcomes in the subsequent coordination game. Across two experiments, we vary the payoffs from the market relative to the game, the degree of interdependence in the game, and whether traders' asset payoffs are dependent on outcomes in their own or another game. Markets lead to significantly lower efficiency across treatments, even when they produce no distortion of incentives in the game. Market prices forecast game outcomes. Our experiments shed light on how financial markets may influence affiliated economic outcomes.