We report a controlled laboratory experiment examining risk-taking and information aggregation in groups facing a common risk. The experiment allows us to examine how subjects respond to new information, in the form of both privately observed signals and signals reported from others. We find...

""NO! NO! NO! NO!" yelled one artist to another as he viewed what the other had painted during the day. "You do not understand! This is not what we are trying to do!" "It is you who do not understand!" the other replied. "This is what we talked about this morning!" "This is exactly what we are...