Group diversity and decision quality: Amplification and attenuation of the framing effect
AbstractDo 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal International Journal of Forecasting.
Volume (Year): 27 (2011)
Issue (Month): 1 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/ijforecast
Homogeneous vs heterogeneous groups; Risk attitudes; Group polarization; Delphi method;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.