This paper explores the effect of personality traits on: (1) the willingness to make risk-taking decisions on behalf of a group, (2) the nature of "choice shifts", i.e. the difference between the amount of risk taken in the group context and individually. Openness and agreeableness emerge as...

We conducted laboratory experiments for analyzing the accuracy of three structured approaches (nominal groups, Delphi, and prediction markets) relative to traditional face-to-face meetings (FTF). We recruited 227 participants (11 groups per method) who were required to solve a quantitative...

We tested the effects of team strategic orientation on team member perceptions, work strategy and information search. In Experiment 1, 80 teams worked on a hidden profile decision-making task. A defensive team strategic orientation increased members’ perceptions of the problem’s scope,...

This paper studies a collective decision problem in which a group of individuals with interdependent preferences vote whether or not to implement a public project of unknown value. A utilitarian social planner aggregates these votes according to a majority rule; but, unlike what is commonly...

This article explores the effect of a subset of symmetric bidders joining to bid together. Possible applications include mergers, collusion and joint-bidding arrangements. The change produces a “strong” party with a more advantageous value distribution than the remaining “weak”...

Hydrogen production technologies play an important role in the hydrogen economy of China. However, the roles of different technologies played in promoting the development of hydrogen economy are different. The role prioritization of various hydrogen production technologies is of vital importance...

This study reports an experiment that examines whether groups can better comply with theoretical predictions than individuals in contests. Our experiment replicates previous findings that individual players significantly overbid relative to theoretical predictions, incurring substantial losses....

We study the effect of team decision-making on bubbles and crashes in experimental asset markets of the kind introduced by Smith, Suchanek and Williams (1988). We find that populating such markets with teams of size two instead of individuals significantly reduces the severity of mispricing. In...

This study reports an experiment that examines whether groups can better comply with theoretical predictions than individuals in contests. Our experiment replicates previous findings that individual players significantly overbid relative to theoretical predictions, incurring substantial losses....

In their seminal work, The Calculus of Consent (1962), Buchanan and Tullock develop a decision model which embodies fundamental relation­ships relevant to institutional choices. However, the Buchanan-Tullock model remains "general," thus inviting others to specify details and to develop...