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Strategic uncertainty and the power of extrinsic signals– evidence from an experimental study of bank runs

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  • Arifovic, Jasmina
  • Jiang, Janet Hua

Abstract

We investigate how the level of strategic uncertainty affects the coordination power of publicly observed extrinsic signals in a controlled laboratory environment in the context of a bank-run game. We run three treatments featuring different levels of strategic uncertainty. Although theory predicts that an equilibrium where agents’ choices and economic outcomes follow the realization of the extrinsic signal exists in all treatments, strong responses to the extrinsic signal occur only in the treatment where strategic uncertainty is high.

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  • Arifovic, Jasmina & Jiang, Janet Hua, 2019. "Strategic uncertainty and the power of extrinsic signals– evidence from an experimental study of bank runs," Journal of Economic Behavior & Organization, Elsevier, vol. 167(C), pages 1-17.
    • Handle: RePEc:eee:jeborg:v:167:y:2019:i:c:p:1-17
    DOI: 10.1016/j.jebo.2019.06.023
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    Cited by:

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    5. Kyra Hanemaaijer & Olivier Marie & Marco Musumeci, 2023. "The Fast and The Studious? Ramadan Observance and Student Performance," Tinbergen Institute Discussion Papers 23-023/V, Tinbergen Institute.
    6. Chakravarty, Surajeet & Choo, Lawrence & Fonseca, Miguel A. & Kaplan, Todd R., 2021. "Should regulators always be transparent? a bank run experiment," European Economic Review, Elsevier, vol. 136(C).
    7. Jan Libich & Dat Thanh Nguyen & Hubert Janos Kiss, 2023. "Running Out of Bank Runs," Journal of Financial Services Research, Springer;Western Finance Association, vol. 64(1), pages 1-39, August.
    8. Kets, Willemien & Kager, Wouter & Sandroni, Alvaro, 2022. "The value of a coordination game," Journal of Economic Theory, Elsevier, vol. 201(C).
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    More about this item

    Keywords

    Bank runs; Extrinsic signals; Sunspots; Experiment; Financial crises; Strategic uncertainty;
    All these keywords.

    JEL classification:

    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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