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Individual or team decision-making--Causes and consequences of self-selection

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  • Kocher, Martin
  • Strau[ss], Sabine
  • Sutter, Matthias

Abstract

Even though decision-making in small teams is pervasive in business and private life, little is known about subjects' preferences with respect to individual and team decision-making and about the consequences of respecting these preferences. We report the results from an experimental beauty-contest game where subjects could endogenously choose their preferred way of decision-making. About 60% of them preferred to decide in a team, and teams won the game significantly more often than individuals did. Nevertheless, both individuals and teams were highly satisfied with their chosen role, though for different reasons.

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Bibliographic Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 56 (2006)
Issue (Month): 2 (August)
Pages: 259-270

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Handle: RePEc:eee:gamebe:v:56:y:2006:i:2:p:259-270

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Web page: http://www.elsevier.com/locate/inca/622836

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  1. Güth, Werner & Kocher, Martin & Sutter, Matthias, 2001. "Experimental 'beauty contests' with homogeneous and heterogeneous players and with interior and boundary equilibria," SFB 373 Discussion Papers 2001,45, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
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  15. Brit Grosskopf & Rosemarie Nagel, 2007. "Rational reasoning or adaptive behavior? Evidence from two-person beauty contest games," Economics Working Papers 1068, Department of Economics and Business, Universitat Pompeu Fabra.
  16. Colin Camerer & Teck Ho & Kuan Chong, 2003. "Models of Thinking, Learning, and Teaching in Games," American Economic Review, American Economic Association, vol. 93(2), pages 192-195, May.
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