Strategic Commitment and Cooperation in Experimental Games of Strategic Complements and Substitutes *
نویسندگان
چکیده
We study the impact of strategic commitment on cooperation in indefinitely repeated games of strategic substitutes (Cournot) and complements (Bertrand) using laboratory experiments. Overall, strategic commitment has no effect on cooperation with strategic substitutes and a negative one with strategic complements. In the absence of strong strategic commitment, we find more cooperation in the complements game than in the substitutes game. However, when subjects are more committed to initial plans, a higher level of cooperation is achieved with strategic substitutes. These results cannot be explained by standard risk-dominance or renegotiation considerations, but are consistent with a notion of fear of miscoordination based on minmax regret. JEL classification codes: C73, C92, D43
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