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❉✐s❝✉ss✐♦♥ ♦❢ ✏▲✐q✉✐❞✐t② ❘❡q✉✐r❡♠❡♥ts ❛♥❞ t❤❡ ■♥t❡r❜❛♥❦ ▲♦❛♥ ▼❛r❦❡t✿ ❆♥ ❊①♣❡r✐♠❡♥t❛❧ ❙t✉❞②✑

• ❛❜r✐❡❧❡ ❈❛♠❡r❛

❊❙■✱ ❈❤❛♣♠❛♥ ❯♥✐✈❡rs✐t② ✫ ❯♥✐✈❡rs✐t② ♦❢ ❇♦❧♦❣♥❛ ▼♦♥❡② ❛♥❞ ❋✐♥❛♥❝❡ ❈♦♥❢❡r❡♥❝❡✱ ❈❤❛♣♠❛♥ ❯♥✐✈❡rs✐t②✱ ❙❡♣t❡♠❜❡r ✷✵✶✾

❘❖❆❉▼❆P ❋❖❘ ❚❍❊ ◆❊❳❚ ✶✵✲✶✺ ▼■◆❯❚❊❙ ✶✳ ❈♦♥tr✐❜✉t✐♦♥ ♦❢ t❤✐s ♣❛♣❡r ✷✳ ▼❡t❤♦❞♦❧♦❣②✿ ❡①♣❡r✐♠❡♥t❛❧ ❡②❡ ❢♦r t❤❡ ♠♦♥❡t❛r② ❣✉②

❈❖◆❚❘■❇❯❚■❖◆ ❖❋ ❚❍■❙ P❆P❊❘

❆ ❘❊❆❙❖◆ ❋❖❘ ▲■◗❯■❉■❚❨ ❘❊●❯▲❆❚■❖◆ ❆ ❜❛♥❦✬s ❧✐q✉✐❞✐t② ❤❛s ❛ ♣r✐✈❛t❡ ❛♥❞ ❛ s♦❝✐❛❧ ✈❛❧✉❡✿ ❼ Pr✐✈❛t❡✿ ♦❜✈✐♦✉s r✐s❦✲r❡t✉r♥ tr❛❞❡♦✛ ✭❜❛♥❦r✉♣t❝② ♦r ♣r♦✜t❄✮✳ ❼ ❙♦❝✐❛❧✿ ♠② ❡①❝❡ss ❧✐q✉✐❞✐t② ❝❛♥ ❜❡❝♦♠❡ ②♦✉r ❧✐❢❡❧✐♥❡ ♦♥ ❛♥ ✐♥t❡r❜❛♥❦ ♠❛r❦❡t✳ ❈♦♥❝❡r♥✿ ✐❢ ❡①t❡r♥❛❧✐t② ♥♦t ❢✉❧❧② ✐♥t❡r♥❛❧✐③❡❞✱ ❧✐q✉✐❞✐t② ✐s ✉♥❞❡rs✉♣♣❧✐❡❞✳ ❈✉r❡✿ ✐♠♣♦s❡ ♠✐♥✐♠✉♠ ❧✐q✉✐❞✐t② r❡q✉✐r❡♠❡♥t t♦ ❜♦♦st ♦✈❡r❛❧❧ ❧✐q✉✐❞✐t②✳ ❙t✉❞② s❦✐❧❧❢✉❧❧② ❝♦♥❞✉❝ts ❛♥ ✐♥tr✐❣✉✐♥❣ ❡①♣❧♦r❛t♦r② ❛♥❛❧②s✐s ♦❢ ✐♥t❡r❜❛♥❦ ♠❛r❦❡ts✳ ✭♥♦ s♣❡❝✐✜❝ ❍✵✮

❘❊❋❊❘❊◆❈❊ ❚❍❊❖❘❨ ❆ ❝♦♦r❞✐♥❛t✐♦♥ t❛s❦ ❜❛s❡❞ ♦♥ ❛ ❤②❜r✐❞ ✈❡rs✐♦♥ ♦❢ ●❛❧❡ ❛♥❞ ❨♦r✉❧♠❛③❡r ✭✷✵✶✸✮✳ ❚❤❡r❡ ✐s ❜❛♥❦r✉♣t❝② r✐s❦✱ ❛♥❞ t✇♦ str❛t❡❣✐❡s ❝❛♥ ❞✐ss✐♣❛t❡ ✐t✿ ❼ ❙❡❧❢✲✐♥s✉r❛♥❝❡✿ ✐♥✈❡st ❧✐tt❧❡✱ ❛♥❞ ❤♦❧❞ ❧♦ts ♦❢ ❝❛s❤ ✉♥❞❡r t❤❡ ♠❛ttr❡ss✳ ❼ ▼✉t✉❛❧ ✐♥s✉r❛♥❝❡✿ ✐♥✈❡st ❧♦ts✱ ❤♦❧❞ s♦♠❡ ❝❛s❤✱ ❛♥❞ tr❛❞❡ ✐t ♦♥ ✐♥t❡r❜❛♥❦ ♠❛r❦❡t✳ ❆ss✉♠❡✿ r❛t✐♦♥❛❧ ♣❧❛②❡rs✱ ♣❛②♦✛✲♠❛①✐♠✐③✐♥❣✱ r✐s❦✲♥❡✉tr❛❧✱ ✐♥tr♦s♣❡❝t✐♦♥ ❛❜✐❧✐t✐❡s✳ ▼❛♥② ❡q✉✐❧✐❜r✐❛✳ ❙♦✿ str❛t❡❣✐❝ ✉♥❝❡rt❛✐♥t② ✫ ❧✐❦❡❧② ✐♥❡✣❝✐❡♥❝②✳

• ❛♠❡ ✜♥✐t❡❧② r❡♣❡❛t❡❞ ❜✉t t❤❡♦r② ✐s ♦♥❡✲s❤♦t ✭✇❤②❄✮✳

❊❳P❊❘■▼❊◆❚❆▲ ❉❊❙■●◆ ❋r❛♠❡❞ ❡①♣❡r✐♠❡♥t✿ ✽ s✉❜❥❡❝ts ✭❜❛♥❦s✮ ♠✉st ❝❤♦♦s❡ ❛ ♣♦rt❢♦❧✐♦✳ P♦rt❢♦❧✐♦ ❝❤♦✐❝❡ ✐s ❛ ❞②♥❛♠✐❝ st♦❝❤❛st✐❝ ♦♣t✐♠✐③❛t✐♦♥ ♣r♦❜❧❡♠✿ ❼ ❋✉❧❧② ❛♥t✐❝✐♣❛t❡ ❛ ❧✐q✉✐❞✐t② ❞❡❝❧✐♥❡ t❤❛t ✇✐❧❧ ❛✛❡❝t ❤❛❧❢ ♦❢ ✉s✳ ❼ ❆❞❞✐t✐♦♥❛❧ ❧✐q✉✐❞✐t② ❞❡❝❧✐♥❡ ♣♦ss✐❜❧❡ t❤❛t ✇✐❧❧ ❛✛❡❝t t✇♦ ♦❢ t❤❡ r❡♠❛✐♥✐♥❣ ❢♦✉r✳ ❚r❡❛t♠❡♥ts✿ ❧✐q✉✐❞✐t② r❡q✉✐r❡♠❡♥t ✭②❡s✴♥♦✮ × s❤♦❝❦s ✭♦♥❡✴t✇♦✮ ❚r♦✉❜❧❡ ❛❤❡❛❞✿ ❤✉♠❛♥s ❞♦ ♥♦t s❤✐♥❡ ❢♦r t❤❡✐r ❜❛❝❦✇❛r❞ ✐♥❞✉❝t✐♦♥ s❦✐❧❧s✳

❉❆❚❆ ❆◆❆▲❨❙■❙✿ ▼❆■◆ ❚❆❑❊✲❆❲❆❨❙ ❖♥❡✲s❤♦❝❦ ❝❛s❡ ✕ ✇❡ ❡①♣❡❝t ◆❖ ✐♥s♦❧✈❡♥t ❜❛♥❦ ❼ ❇❛♥❦s ✉♥❞❡r✐♥✈❡st ✭t♦♦ ❧✐q✉✐❞✮ ❜✉t ❜❛♥❦r✉♣t❝✐❡s ❤❛♣♣❡♥ ✭✉♥❞❡rs✉♣♣❧② ❝❛s❤✮✳ ❼ ▲✐q✉✐❞✐t② r❡q✉✐r❡♠❡♥t ❞r✐✈❡s ❞♦✇♥ ✐♥✈❡st♠❡♥t ❛♥❞ ❜❛♥❦r✉♣t❝✐❡s✕♠❛②❜❡ ❣♦♦❞✳ ❚✇♦✲s❤♦❝❦ ❝❛s❡ ✕ ❡①♣❡❝t ❡✐t❤❡r ✵ ♦r s♦♠❡ ✐♥s♦❧✈❡♥t ❜❛♥❦✱ ❜✉t ❤❛r❞ t♦ t❡❧❧ ❼ ❇❛♥❦s ♦✈❡r✐♥✈❡st ✭t♦♦ ✐❧❧✐q✉✐❞✮ ❛♥❞ ❜❛♥❦r✉♣t❝✐❡s t♦♦ ❢r❡q✉❡♥t ✭✉♥❞❡rs✉♣♣❧② ❝❛s❤✮✳ ❼ ▲✐q✉✐❞✐t② r❡q✉✐r❡♠❡♥t ❞r✐✈❡s ❞♦✇♥ ✐♥✈❡st♠❡♥t ❜✉t ♠♦r❡ ✐♥s♦❧✈❡♥❝✐❡s ▼❡ss❛❣❡✿ ❋r✐❝t✐♦♥s ❣❡t ✐♥ t❤❡ ✇❛② ♦❢ s♦❝✐❛❧❧② ♦♣t✐♠❛❧ ❧✐q✉✐❞✐t② ✭r❡✮❛❧❧♦❝❛t✐♦♥✳ ❚❤❡s❡ s❛♠❡ ❢r✐❝t✐♦♥s ♠❛② ❝❛✉s❡ ❧✐q✉✐❞✐t② r❡❣✉❧❛t✐♦♥ t♦ ❜❛❝❦✜r❡✳

❋❘■❈❚■❖◆❙✿ ❚❘■P▲❊ ❲❍❆▼▼❨ ❼ ■♥❛❜✐❧✐t② t♦ ❝♦♠♠✉♥✐❝❛t❡ t♦ ❝♦♦r❞✐♥❛t❡ str❛t❡❣② ✭❈♦♦♣❡r ❡t ❛❧✳✮ ❼ ❉②♥❛♠✐❝ ♣r♦❜❧❡♠ s♦❧✈❡❞ ✐♥ ✐s♦❧❛t✐♦♥ ✇✴♦✉t ♠❛r❦❡t ♣r✐❝❡ ❣✉✐❞❛♥❝❡ ✭◆♦✉ss❛✐r✲▲❡✐✮ ❼ ◆♦ ❞②♥❛♠✐❝ ✐♥❝❡♥t✐✈❡s ✈✐❛ r❡♣✉t❛t✐♦♥ ♦r r❡❧❛t✐♦♥❛❧ ❝♦♥tr❛❝t✐♥❣ ✭❈❛♠❡r❛✲❈❛s❛r✐✮ ❆r❡ t❤❡s❡ r❡❧❡✈❛♥t ❝❤❛r❛❝t❡r✐st✐❝s ♦❢ ✐♥t❡r❜❛♥❦ ♠❛r❦❡ts❄ ❲♦✉❧❞ ❜❡ ✐♥t❡r❡st✐♥❣ t♦ ❜✉✐❧❞ ♦♥ t❤✐s ✇♦r❦ t♦ ❡①♣❧♦r❡ t❤❡s❡ ❛s♣❡❝ts✳ ■♥❞❡❡❞✿ t❛❝✐t ❝♦♦r❞✐♥❛t✐♦♥ ✐s tr✐❝❦② ❡✈❡♥ ✐♥ ♠♦r❡ ♠✉♥❞❛♥❡ s❡tt✐♥❣s ✳ ✳ ✳

❙❍❖❯▲❉ ■ ❙❚❆❨ ❖❘ ❙❍❖❯▲❉ ■ ●❖❄ P❧❛②❡rs✬ ✐♥t❡r❡st ❛r❡ ♣❡r❢❡❝t❧② ❛❧✐❣♥❡❞ ❤❡r❡ ✳ ✳ ✳ ❙t❛②

• ♦

♠❡ ❙t❛② 90, 90 0, 0

• ♦

0, 0 120, 120

❙❍❖❯▲❉ ■ ❙❚❆❨ ❖❘ ❙❍❖❯▲❉ ■ ●❖❄ P❧❛②❡rs✬ ✐♥t❡r❡st ❛r❡ ♣❡r❢❡❝t❧② ❛❧✐❣♥❡❞ ❤❡r❡ ✳ ✳ ✳ ❙t❛②

• ♦

♠❡ ❙t❛② 90, 90 0, 0

• ♦

0, 0 120, 120 ✳ ✳ ✳ ❛♥❞ ❤❡r❡ t♦♦✱ ❜✉t ❛♥ ❛❝t✐♦♥ ✐s ✏s❛❢❡✳✑ ❙t❛②

• ♦

♠❡ ❙t❛② 90, 90 90, 0

• ♦

0, 90 120, 120 ❆ ❝♦♦r❞✐♥❛t✐♦♥ ✐♥st✐t✉t✐♦♥ ✭♣✉❜❧✐❝❄✮ s❡❡♠s ✈❛❧✉❛❜❧❡ ✐♥ ❝❛s❡ ✷✱ ♥♦t s♦ ✐♥ ✶✳

▼❊❚❍❖❉❖▲❖●❨✿ ❊❳P❊❘■▼❊◆❚❆▲ ❊❨❊ ❋❖❘ ❚❍❊ ▼❖◆❊❚❆❘❨ ●❯❨

❲❍❨ ■❙ ❚❍■❙ ▼❊❚❍❖❉❖▲❖●❨ ❱❆▲❯❆❇▲❊❄ ◆♦ ❥✉st✐✜❝❛t✐♦♥ r❡❛❧❧② ♥❡❡❞❡❞ ❤❡r❡ ✭❱❡r♥♦♥ ❙♠✐t❤ ❛♥❞ ❊❙■✮ ❆ ✉s❡❢✉❧✱ ❝♦♠♣❧❡♠❡♥t❛r② ❛♣♣r♦❛❝❤ t♦ ✐❞❡♥t✐❢② ♦r t❡st ♦♣❡r❛t✐♥❣ ♣r✐♥❝✐♣❧❡s✿ ❼ ❝♦♥str✉❝t ❡❝♦♥♦♠✐❡s ✇✐t❤ ❞❡s✐r❡❞ ❢❡❛t✉r❡s ✫ ❝♦♠♣❧❡①✐t② ❼ ♠✐♥✐♠✐③❡ ❝♦♥❢♦✉♥❞✐♥❣ ❢❛❝t♦rs ✫ s♣✐❧❧♦✈❡r ❡✛❡❝ts ❼ ♦❜s❡r✈❡ ✈❛r✐❛❜❧❡s t❤❛t ❛r❡ ✉♥♦❜s❡r✈❛❜❧❡ ✐♥ t❤❡ ✜❡❧❞ ❼ ♠❡❛s✉r❡ ❤♦✇ s❤♦❝❦s ♦r ♣♦❧✐❝② ❝❤❛♥❣❡s ❛✛❡❝t ❡♥❞♦❣❡♥♦✉s ✈❛r✐❛❜❧❡s ❼ ♣❡r❢♦r♠ ❝♦✉♥t❡r❢❛❝t✉❛❧ t❡sts ❼ ❞❡✈❡❧♦♣ ✐♥s✐❣❤t ✇❤❡♥ ✜❡❧❞ ❡①♣❡r✐❡♥❝❡ ✐s ❧✐♠✐t❡❞✴♥♦♥✲❡①✐st❡♥t ■♥ t❤❡ ♥❡①t ✺ ♠✐♥s✳ ■✬❞ ❧✐❦❡ t♦ ❣✐✈❡ ②♦✉ ❛♥ ❡①❛♠♣❧❡ ❛❜♦✉t t❤✐s ❧❛st ♣♦✐♥t✳

❍❖❲ ❚❖ ❉❊❙■●◆ ❆ ❈❇❉❈ ✶✳ ◆♦✇❛❞❛②s ♦✉ts✐❞❡ ♠♦♥❡② ❤❛s ❛ ♠❛r❣✐♥❛❧ r♦❧❡ ✷✳ ❇✉t t❛❧❦ ♦❢ ✐♥t❡r❡st✲♣❛②✐♥❣ ❈❇❉❈ ♠❛❦❡s ❢♦r ❛♥ ✐♥t❡r❡st✐♥❣ ❢✉t✉r❡ ✭❜❛❝❦ t♦ t❤❡ ❢✉t✉r❡✿ ❚♦❜✐♥✬s ✐❞❡❛ ♦❢ ❞❡♣♦s✐t❡❞ ❝✉rr❡♥❝② ❞❛t❡s ❜❛❝❦ t♦ ✶✾✽✺✮ ❍♦✇ s❤♦✉❧❞ ❛ ❈❇❉❈ ❧♦♦❦ ❧✐❦❡❄ ❚❤❡♦r② s✉❣❣❡sts ❞❡s✐r❛❜❧❡ tr❛✐ts✿ ❼ ✐♥t❡r❡st✲❜❡❛r✐♥❣✱ ✇✐t❤ r❛t❡ ✉♥❝♦♥str❛✐♥❡❞ ❜② ❛♥② ❡✛❡❝t✐✈❡ ❧♦✇❡r ❜♦✉♥❞✳ ✭❇♦r❞♦ ❛♥❞ ▲❡✈✐♥ ✷✵✶✼✮ ▲❡t✬s ❜r✐♥❣ ✐t t♦ t❤❡ ❧❛❜✿ ❜❛rr❡♥ t♦❦❡♥s ✈❡rs✉s t♦❦❡♥s ✇✴ ♣❡♥❛❧t✐❡s ♦r ♣r❡♠✐❛✳

❆ ▲❆❇ ❙❖❈■❊❚❨ ❚❍❆❚ ◆❊❊❉❙ ▼❖◆❊❨ ❚❖ ❋❯◆❈❚■❖◆ ❊①♣❡r✐♠❡♥t❛❧ ❞❡s✐❣♥ ✇✐t❤ ✽ ♣❧❛②❡rs ✖ ♣r♦❞✉❝❡rs ❛♥❞ ❝♦♥s✉♠❡rs✳ Pr♦❞✉❝❡rs ❈♦♥s✉♠❡rs ❼ ●❛♠❡✿ ✉♥❝❡rt❛✐♥ ♥✉♠❜❡r ♦❢ r♦✉♥❞s ✭✶✻✰✮ ✇✐t❤ ❛❧t❡r♥❛t✐♥❣ r♦❧❡s✳ ❼ ▼✐① ♣❛rt✐❝✐♣❛♥ts ✐♥t♦ ♣r♦❞✉❝❡r✲❝♦♥s✉♠❡r ♣❛✐rs ✐♥ ❡❛❝❤ r♦✉♥❞✳ ⇒ P❧❛♥♥❡r ✇❛♥ts ❝♦♥s✉♠❡rs t♦ ❡❛t✱ ❜✉t ♣r♦❞✉❝❡rs s✉✛❡r✳ ❼ ❈♦♥s✉♠❡r ❤❛s ♥♦ ❣♦♦❞s t♦ ♦✛❡r✱ ❜✉t ♠❛② ❤❛✈❡ ❛ t♦❦❡♥ ✭✈✐s✐❜❧❡✮✳ ⇒ ❖♣t✐♦♥s✿ ❡①❝❤❛♥❣❡ ❛ t♦❦❡♥✱ r❡❧② ♦♥ ✐♠♣❧✐❝✐t ❝♦♥tr❛❝t✱ ♦r ❞♦ ♥♦t❤✐♥❣✳ ❊✣❝✐❡♥t ♦✉t❝♦♠❡ ✐s ❛♥ ❡q✉✐❧✐❜r✐✉♠✿ ♥♦ ❝♦♥s✉♠❡r ❡✈❡r ❣♦❡s ❤✉♥❣r②✳

❆❈❚■❖◆❙ ✫ P❆❨❖❋❋❙ ❲■❚❍ ✏❋■❆❚✑ ❚❖❑❊◆❙ Pr♦❞✉❝❡r ❧✐❣❤t✱ ❝♦♥s✉♠❡r ❞❛r❦✳ P♦✐♥ts ❜❡❧♦✇ ✜❣✉r✐♥❡s ❛r❡ r❡♣r❡s❡♥t❛t✐✈❡ ❢♦r ✉t✐❧✐t②✳

❊❳P❊❘■▼❊◆❚ ✶✿ ❲■▲▲ ❆ ▼❖◆❊❚❆❘❨ ❙❨❙❚❊▼ ❉❊❱❊▲❖P❄ ❙❯PP▲❨ ■◆■❚■❆▲ ❈❖◆❙❯▼❊❘❙ ❲■❚❍ ❖◆❊ ❋■❆❚ ❚❖❑❊◆

❊❋❋■❈■❊◆❈❨ ■▼P❘❖❱❊❙ ❲■❚❍ ❊❳P❊❘■❊◆❈❊

.2 .4 .6 .8 1 Relative Frequency 1 2 3 4 5 Supergame (Fiat tokens)

Cooperation Trade possible

❆ ▼❖◆❊❚❆❘❨ ❙❨❙❚❊▼ ❉❊❱❊▲❖P❙ ❖❱❊❘ ❚■▼❊

.2 .4 .6 .8 1 Relative Frequency 1 2 3 4 5 Supergame (Baseline)

Offers token Demands token (when trade is possible)

❇❊▲■❊❋❙ ❆❇❖❯❚ ❋❯❚❯❘❊ ❈■❘❈❯▲❆❚■❖◆✴❆❈❈P❊❚❆❇■▲■❚❨ ▼❆❚❚❊❘✦

.25 .5 .75 1

Relative Frequency

1 5 10 15 20 25 30 35 Rounds (Baseline) Cooperation Trade possible

❇❊▲■❊❋❙ ❆❇❖❯❚ ❋❯❚❯❘❊ ❈■❘❈❯▲❆❚■❖◆✴❆❈❈P❊❚❆❇■▲■❚❨ ▼❆❚❚❊❘✦

.25 .5 .75 1

Relative Frequency

1 5 10 15 20 25 30 35 Rounds (Baseline) Cooperation Trade possible

▲❊❚✬❙ ■▼P❘❖❱❊ ❚❖❑❊◆❙✿ ❍❖▲❉■◆● ❆ ❚❖❑❊◆ ❍❆❙ ❆ ❙▼❆▲▲ ❇❊◆❊❋■❚

✶ P❚✳ ❇❊◆❊❋■❚ ✭■◆ ▼❖◆❊❚❆❘❨ ❊◗✬▼ ❚❖❑❊◆❙ ❙❍❖❯▲❉ ●❆■◆ ❱❆▲❯❊✮

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame (1−token treatments)

Fiat token d=1

✶ P❚✳ ❇❊◆❊❋■❚ ✭■◆ ▼❖◆❊❚❆❘❨ ❊◗✬▼ ❚❖❑❊◆❙ ❙❍❖❯▲❉ ●❆■◆ ❱❆▲❯❊✮

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame (1−token treatments)

Fiat token d=1

✷ P❚✳ ❇❊◆❊❋■❚

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame (1−token treatments)

Fiat token d=1 d=2

❲❍❆❚ ❍❆PP❊◆❊❉❄ ❍❊❘❊ ❆❘❊ ❇❆❘❘❊◆ ❚❖❑❊◆❙

.2 .4 .6 .8 1 Relative Frequency d=−1 d=0 d=1 d=2 Treatments (trade is possible data)

Offers token Demands token

❲■❚❍ ❆ ❇❊◆❊❋■❚✿ ❉❊❈▲■◆❊ ■◆ ▲■◗❯■❉■❚❨ P❘❖❱■❙■❖◆

.2 .4 .6 .8 1 Relative Frequency d=−1 d=0 d=1 d=2 Treatments (trade is possible data)

Offers token Demands token

■▼P❖❙■◆● ❆ ✶ P❚✳ P❊◆❆▲❚❨❄ ◆❖❚ ❆ ❙❖▲❯❚■❖◆

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame (1−token treatments)

Fiat token d=1 d=2 d=−1

❲■❚❍ P❊◆❆▲❚■❊❙✱ ❆❈❈❊P❚❆❇■▲■❚❨ ❉❊❈▲■◆❊❙

.2 .4 .6 .8 1 Relative Frequency d=−1 d=0 d=1 d=2 Treatments (trade is possible data)

Offers token Demands token

▼❨ ❇❆❉✿ ❆ ❈❇❉❈ ❲■▲▲ ❇❊ ❈❖▼P▲❊▼❊◆❚❆❘❨ ■◆❚❘❖❉❯❈❊ ■❚ ❆▲❖◆●❙■❉❊ ❇❆❘❘❊◆ ❚❖❑❊◆❙

❈❖◆❚❘❖▲✿ ❉❖❯❇▲❊ ❙❯PP▲❨ ❖❋ ❋■❆❚ ✭▲❊❙❙ ■▲▲■◗❯■❉■❚❨✮

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame (1− and 2−token treatments)

1 fiat 2 fiat

❚❘❊❆❚▼❊◆❚✿ ❋■❆❚ ✰ ❈❇❉❈ ■◆ ❊◗❯❆▲ ❙❯PP▲❨

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame (1− and 2−token treatments)

1 fiat 2 fiat Fiat + d=2

❖❑ ❚❍❊◆✿ ❈❇❉❈ ❲■▲▲ ❙❯❇❙❚■❚❯❚❊ ❋❖❘ ❋■❆❚ ■◆❚❘❖❉❯❈❊ ■❚ ❆❋❚❊❘ ▲❊❆❘◆ ❚❖ ❯❙❊ ❋■❆❚

❚❘❊❆❚▼❊◆❚✿ ❈❇❉❈ ❘❊P▲❆❈❊❙ ❋■❆❚ ■◆ ●❆▼❊ ✸

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame

Fiat Fiat replaced in game 3 with E[d]=1

❚❘❊❆❚▼❊◆❚✿ ❈❇❉❈ ❘❊P▲❆❈❊❙ ❋■❆❚ ■◆ ●❆▼❊ ✸

.2 .4 .6 .8 1 Efficiency 1 2 3 4 5 Supergame

Fiat Fiat replaced in game 3 with E[d]=1

❲❍❆❚ ❍❆❱❊ ❲❊ ▲❊❆❘◆❊❉❄

▲❊❙❙❖◆ ✶ ▼♦♥❡② ✐s ❛ s♦❝✐❛❧ ❝♦♥✈❡♥t✐♦♥✱ ✇❤✐❝❤ ❡♠❡r❣❡s ❡♥❞♦❣❡♥♦✉s❧② ❜❛s❡❞ ♦♥ ❜❡❧✐❡❢s✳ ❙❡❧❢✲❡♥❢♦r❝✐♥❣✿ ✐♥str✉♠❡♥t tr❛❞❡❞ ♥♦✇ ✐❢ ❛♥t✐❝✐♣❛t❡ ❧❛r❣❡✲s❝❛❧❡ ❝✐r❝✉❧❛t✐♦♥ t♦♠♦rr♦✇✳ ■♥s✐❣❤t✿ ❛♥②t❤✐♥❣ t❤❛t ❛✛❡❝ts t❤❡s❡ ❜❡❧✐❡❢s ♠❛② ❞✐st✉r❜ s②st❡♠✬s ♣❡r❢♦r♠❛♥❝❡✳

▲❊❙❙❖◆ ✷ ❙❤♦rt✲s✐❣❤t❡❞ ❝♦♥❞✉❝t ❧❡ss ❧✐❦❡❧② ✇✐t❤ ✏❜❛rr❡♥✑ ✐♥str✉♠❡♥ts✳ ❆ ❜❛rr❡♥ t♦❦❡♥ ❢♦❝✉s❡s ♣❛rt✐❝✐♣❛♥ts ♦♥ ❧♦♥❣✲t❡r♠ ❣❛✐♥s ❢r♦♠ ❡①❝❤❛♥❣❡✳ ■♥s✐❣❤t✿ ❤♦❛r❞✐♥❣ ✐♥❝❡♥t✐✈❡s ✐❢ ♣r❡♠✐❛❀ ❛❝❝❡♣t❛❜✐❧✐t② ❢r✐❝t✐♦♥s ✐❢ ♣❡♥❛❧t✐❡s✳