Many important economic and political decisions are made by teams. In the economic literature, however, the decision … principles of Expected Utility Theory (EUT) and of Portfolio Selection Theory (PST). The experiment is performed with individuals … a team decision algorithm, excess-risk vetoing, that combines simple majority voting with the right to veto alternatives …

which may be reduced to requiring initial wealth to be total lifetime wealth of the decision maker. Still, even when initial …

A robust finding in economics is that decision-makers often exhibit a much smaller dollar willingness to pay (WTP) for …