Individual vs. group decision-making: an experiment on dynamic choice under risk and ambiguity
| Autor: | Gerardo Infante, Enrica Carbone, Konstantinos Georgalos |
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| Přispěvatelé: | Carbone, Enrica, Infante, Gerardo, Georgalos, Konstantinos |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
Consumption (economics)
Group (mathematics) media_common.quotation_subject 05 social sciences General Social Sciences General Decision Sciences Ambiguity Dynamic choice Computer Science Applications Group decision-making Arts and Humanities (miscellaneous) 0502 economics and business Developmental and Educational Psychology Econometrics 050206 economic theory Risk · Ambiguity · Inter-temporal optimisation · Group decision-making ·Learning · Experiment 050207 economics Dimension (data warehouse) Laboratory experiment Psychology Group choice General Economics Econometrics and Finance Social psychology Applied Psychology media_common |
| Popis: | This paper focuses on the comparison of individual and group decision making, in a stochastic inter-temporal problem in two decision environments, namely risk and ambiguity. Using a consumption/saving laboratory experiment, we investigate behaviour in four treatments: (1) individual choice under risk; (2) group choice under risk; (3) individual choice under ambiguity and (4) group choice under ambiguity. Comparing decisions within and between decision environments, we find an anti-symmetric pattern. While individuals are choosing on average closer to the theoretical optimal predictions, compared to groups in the risk treatments, groups tend to deviate less under ambiguity. Within decision environments, individuals deviate more when they choose under ambiguity, while groups are better planners under ambiguity rather than under risk. Our results extend the often observed pattern of individuals (groups) behaving more optimally under risk (ambiguity), to its dynamic dimension. |
| Databáze: | OpenAIRE |
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