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Group diversity and decision quality: Amplification and attenuation of the framing effect

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  • Yaniv, Ilan
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    Abstract

    Do groups make better judgments and decisions than individuals? We tested the hypothesis that the advantage of groups over individuals in decision-making depends on the group composition. Our study used susceptibility to the framing effect as a measure of decision quality. Individuals were assigned to one of two perspectives on a choice problem. The individuals were asked to indicate their individual preference between a risky option and a risk-free option. Next, they were asked to consider the same (or a related) choice problem as a group. Homogeneous groups were composed of similarly framed individuals, while the heterogeneous ones were composed of differently framed individuals. In comparison to individual preferences, the homogeneous groups’ preferences were polarized, and thus the framing effect was amplified; in contrast, the heterogeneous groups’ preferences converged, and thus the framing effect was reduced to zero. The findings are discussed with regard to group polarization, the effects of heterogeneity on group performance, and the Delphi forecasting method.

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    Bibliographic Info

    Article provided by Elsevier in its journal International Journal of Forecasting.

    Volume (Year): 27 (2011)
    Issue (Month): 1 ()
    Pages: 41-49

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    Handle: RePEc:eee:intfor:v:27:y:2011:i:1:p:41-49

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    Web page: http://www.elsevier.com/locate/ijforecast

    Related research

    Keywords: Homogeneous vs heterogeneous groups; Risk attitudes; Group polarization; Delphi method;

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    Cited by:
    1. Wright, George & Rowe, Gene, 2011. "Group-based judgmental forecasting: An integration of extant knowledge and the development of priorities for a new research agenda," International Journal of Forecasting, Elsevier, vol. 27(1), pages 1-13, January.

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