We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of assets in a market context. Teams of traders learn the task's...

Previous work on the joint effects of vagueness in probabilities and outcomes in decisions about risky prospects has documented the decision-makers’ (DMs) differential sensitivity to these two sources of imprecision. Budescu et al. [6] report two studies in which DMs provided certainty...

We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of assets in a market context. Teams of traders learn the task's...

A vast literature shows that individuals frequently violate normative principles in reasoning. In evaluatingthe relevance of these findings for psychology, economics, and related disciplines, it is natural to askwhether reasoning errors reflect random aberrations or systematic biases. One...

A vast literature shows that individuals frequently fail to identify the normative solutionsin logical reasoning tasks. Much attention has been devoted to the study ofthese deviations at the individual level; less effort was exerted to investigate whetherinstitutional settings might facilitate...