Ten isn’t large! Group size and coordination in a large-scale experiment / by Jasmina Arifovic, Cars Hommes, Anita Kopányi-Peuker and Isabelle Salle. : FB3-5/2020-30E-PDF

"This paper provides experimental evidence on coordination within genuinely large groupsthat could proxy the atomistic nature of real-world markets and organizations. We use abank-run game where the two pure-strategy equilibria “run” and “wait” can be ranked bypayoff and risk-dominance and a random sequence of public announcements introducesstochastic sunspot equilibria. We find systematic group size differences that theory fails topredict. In the presence of strategic uncertainty, the behavior of small groups is uninformative of behavior in large groups: in contrast to groups of 10, large groups only coordinate on the safest but Pareto-inferior “run” strategy and never coordinate on sunspots. Our results entail a series of theoretical and experimental implications"--Abstract, page ii.

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