  This paper considers a class of experimentation games with L\'{e}vy bandits
encompassing those of Bolton and Harris (1999) and Keller, Rady and Cripps
(2005). Its main result is that efficient (perfect Bayesian) equilibria exist
whenever players' payoffs have a diffusion component. Hence, the trade-offs
emphasized in the literature do not rely on the intrinsic nature of bandit
models but on the commonly adopted solution concept (MPE). This is not an
artifact of continuous time: we prove that efficient equilibria arise as limits
of equilibria in the discrete-time game. Furthermore, it suffices to relax the
solution concept to strongly symmetric equilibrium.
