How groups reach agreement in risky choices: an experiment.

Zhang, Jingjing ; Casari, Marco (2009) How groups reach agreement in risky choices: an experiment. Bologna: Dipartimento di Scienze economiche DSE, p. 28. DOI 10.6092/unibo/amsacta/4581. In: Quaderni - Working Paper DSE (665). ISSN 2282-6483.
Full text available as:
[img]
Preview
PDF
License: Creative Commons Attribution Non-commercial

Download (312kB) | Preview

Abstract

This paper studies how groups resolve disagreement when they must reach unanimity after submitting individual proposals and exchanging text-form messages via a chat window in lottery choice experiments. We find that the majority proposal does not always prevail. The minority proposal prevails sometimes, especially when it is closer to risk neutrality. About one third of the groups disagrees after communication and would have got zero payoffs if disagreement remains after two more attempts without communication. In these groups, extrovert subjects are more likely to lead the group outcome than confused or conscientious subjects. Overall group choices are more coherent and closer to risk neutrality than individuals’. Checking the recorded messages, we find that the chat activity is intense, growing with the level of disagreement and aims at finding consensus. The amount and timing of chat messages help us to predict which choice prevails in the group.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Zhang, Jingjing
Casari, Marco
Keywords
risk attitude, group decision making, communication, experiments
Subjects
ISSN
2282-6483
DOI
Deposit date
12 Feb 2016 12:38
Last modified
12 Feb 2016 12:38
URI

Other metadata

Downloads

Downloads

Staff only: View the document

^