risk strategies. The first effect, reference group sensitivity, is the degree to which decision makers' aspirations are … sensitive to their reference group. In this paper we compare the performances of decision makers with alternative levels of … multiple segregated reference groups. The performance of decision makers residing in a world with one single population is …

We study a model of collective decision making with endogenous information collection.Agents collect information about … decision is made. The reason for this result is that communicationmay aggravate the free-rider problem associated with …