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Group versus Individual Preferences for Risk: An Experimental Analysis of the Effect of Group Composition

Michael P. Brady, Brian Roe and Steven Wu ()

No 21056, 2006 Annual meeting, July 23-26, Long Beach, CA from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Greater attention has been paid to understanding differences between individual and group decision-making in economics in recent years. While great strides have been made in understanding the relative cognitive ability of each, differences in preferences are less well understood. This study examined preferences for risk individually and in groups of two. Results show that a majority of groups act according to the preferences of one of the two pair members. This is not a result emphasized in previous social psychology research on groups. Thus, we propose a new explanation of group decision making based on strength of preference.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Pages: 21
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea06:21056

DOI: 10.22004/ag.econ.21056

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