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Creating Expectational Assets in the Laboratory: Coordination in 'Weakest- Link' Games

Knez, Marc and Camerer, Colin (1994) Creating Expectational Assets in the Laboratory: Coordination in 'Weakest- Link' Games. Strategic Management Journal, 15 (S1). pp. 101-119. ISSN 0143-2095. http://resolver.caltech.edu/CaltechAUTHORS:20110211-095420093

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Abstract

We study coordination games with multiple equilibria, in which players are penalized for picking numbers higher than the minimum anybody picks, and everyone prefers a larger minimum. 'Weakest-link' games like this model organizational situations in which the worst component of a product or process determines its overall quality. In experimental groups, the best equilibrium was reached infrequently. Aggregating two groups into a larger one always hurt. We argue that players' beliefs about what the minimum will be are an 'expectational asset' (or liability) which is socially complex, linking organization-level behavior and the resource-based view of the firm.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://www.jstor.org/stable/2486813PublisherUNSPECIFIED
http://dx.doi.org/10.1002/smj.4250150908DOIUNSPECIFIED
Additional Information:© 1994 John Wiley & Sons, Ltd. Helpful comments were received from Ed Zajac and from participants in the lively working conference for this issue, held at the Kellogg Graduate School of Management, Northwestern University, June 1994.
Subject Keywords:Coordination, experimental economics, resource-based view, group norms
Record Number:CaltechAUTHORS:20110211-095420093
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20110211-095420093
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22130
Collection:CaltechAUTHORS
Deposited By: Tony Diaz
Deposited On:10 Mar 2011 20:58
Last Modified:10 Mar 2011 20:58

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