Individual and Group Preferences Over Risk: An Experiment

Andrea Morone and Tiziana Temerario ()

MPRA Paper from University Library of Munich, Germany

Abstract: The recent literature on individual and group choices over risk has led to different results. In some studies under unanimity, groups were found to be less risk averse than individuals, while those under majority did not highlight significant differences. However, both the types of studies impose the decision rule to the group. In the present work we elicited groups’ preference under risk using a consensus rule, i.e. groups are free to solve disagreement endogenously, just as in the real life. Results from our pairwise choices experiment shows that when group members are free to use any rule they want in order to reach unanimity, there is no statistical difference between individuals’ and groups’ risk aversion.

Keywords: Risk; uncertainty; decision-making; group decision; lottery; experimental economics; experiment (search for similar items in EconPapers)
JEL-codes: C92 D81 (search for similar items in EconPapers)
Date: 2016-07
New Economics Papers: this item is included in nep-cbe, nep-cdm, nep-cse, nep-exp, nep-net and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/72747/1/MPRA_paper_72747.pdf original version (application/pdf)

Related works:
Working Paper: Individual and Group Preferences Over Risk: An Experiment (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:72747

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().