Does consultation improve decision-making?

Alessia Isopi (), Daniele Nosenzo and Chris Starmer

Theory and Decision, 2014, vol. 77, issue 3, 377-388

Abstract: This paper reports an experiment designed to test whether prior consultation within a group affects subsequent individual decision-making in tasks where demonstrability of correct solutions is low. In our experiment, subjects considered two paintings created by two different artists and were asked to guess which artist made each painting. We observed answers given by individuals under two treatments: In one, subjects were allowed the opportunity to consult with other participants before making their private decisions; in the other, there was no such opportunity. Our primary findings are that subjects in the first treatment evaluate the opportunity to consult positively, but they perform significantly worse and earn significantly less. Copyright The Author(s) 2014

Keywords: Consultation; Decision-making; Group decisions; Individual decisions; C91; C92; D80 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Working Paper: Does consultation improve decision making? (2011)
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DOI: 10.1007/s11238-014-9449-9

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