Does information matter in the commons?: Experimental evidence

Common-pool resources (CPRs) typically involve interaction where precise information about payoffs is absent. However, all experimental studies of CPRs we are aware of study environments where the payoff structure is known. In this paper we address the behavioral consequences of two degrees of information on the mapping between decisions and payoffs. We run two treatments, one with complete information on the payoff structure and one with none. Remarkably, aggregate behavior is not significantly different between the two treatments. In both cases the aggregate tendencies converge to the Nash equilibrium. Furthermore, the best-reply dynamics organize individual behavior in both treatments remarkably well.