 Are groups better planners than individuals? An experimental analysisEnrica Carbone () and Gerardo Infante Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2015, vol. 57, issue C, 112-119 Abstract: We present the results of an experiment comparing group and individual planning in the domain of lifecycle consumption/saving decisions. Individual decision making is compared to two group treatments, which differ based on the presence of a rematching rule. We find that individuals and groups differ in how they solve the intertemporal consumption problem, but not in how they improve their consumption planning within a sequence. Individuals’ performance improves across sequences, groups without rematching perform approximately the same, while groups with rematching do significantly worse. Our main finding is that while groups perform better than individuals in the first sequence, this difference seems to disappear in the second lifecycle. Results show that in the second sequence groups in the rematching treatment deviate substantially more from optimum than groups that are left stable across sequences. Keywords: Collective decision making; Intertemporal consumer choice; Life cycle; Risk; Laboratory experiments (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:57:y:2015:i:c:p:112-119 DOI: 10.1016/j.socec.2015.04.006 Access Statistics for this article Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) is currently edited by Pablo Brañas Garza More articles in Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics) from Elsevier |
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