Focal Points in Laboratory Experiments

The Strategic of Conflict (Schelling 1960) introduced focal points as a solution to bargaining. Since then, experimental economics has proposed progressively more systematic designs to understand what a focal point is, what the range is of the strategic interactions in which they are applied (outside bargaining), and what the reasoning process is to reach focal points. Many (but not all) of Schelling’s initial conjectures turn out to be supported by this experimental program. In light of these experiments, some game-theoretical advances to assimilate focal points appear to be quite promising.