Group Decision-Making: An Economic Analysis of Social Influence and Individual Difference in Experimental Juries
AbstractIn a jury decision-making, individuals must compromise in order to reach a group consensus. If individuals compromise for non-rational reasons, such as a preference for conformity or due to erroneous information, then the final decision of the group may be biased. This paper presents original experimental data which shows that groups do have a significant tendency to compromise in jury-like settings. Econometric evidence also shows that features of groups, including the generosity of the group overall, will dictate the extent of compromise. The data also reveal that individual traits such as gender and capacity for empathy are associated with the extent of compromise in a jury-type setting. The implications are that interactions between individual and group characteristics limit the objectivity of decision-making.
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.
Bibliographic InfoPaper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 1128.
Date of creation: 07 Mar 2011
Date of revision:
Contact details of provider:
Web page: http://www.econ.cam.ac.uk/index.htm
Other versions of this item:
- Baddeley, Michelle & Parkinson, Sophia, 2012. "Group decision-making: An economic analysis of social influence and individual difference in experimental juries," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, Elsevier, vol. 41(5), pages 558-573.
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-04 (All new papers)
- NEP-CBE-2011-06-04 (Cognitive & Behavioural Economics)
- NEP-EXP-2011-06-04 (Experimental Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, American Economic Association, vol. 87(5), pages 847-62, December.
- Uri Gneezy & Aldo Rustichini, 2000.
"Pay Enough Or Don'T Pay At All,"
The Quarterly Journal of Economics, MIT Press,
MIT Press, vol. 115(3), pages 791-810, August.
- Gneezy, U. & Rustichini, A., 1998. "Pay Enough - Or Don't Pay at All," Discussion Paper, Tilburg University, Center for Economic Research 1998-57, Tilburg University, Center for Economic Research.
- Akerlof, George A, 1980.
"A Theory of Social Custom, of Which Unemployment May be One Consequence,"
The Quarterly Journal of Economics, MIT Press,
MIT Press, vol. 94(4), pages 749-75, June.
- George A. Akerlof, 1978. "A theory of social custom, of which unemployment may be one consequence," Special Studies Papers, Board of Governors of the Federal Reserve System (U.S.) 118, Board of Governors of the Federal Reserve System (U.S.).
- Robert J. Shiller, 1995.
"Conversation, Information, and Herd Behavior,"
Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University
1092, Cowles Foundation for Research in Economics, Yale University.
- Shiller, Robert J, 1995. "Conversation, Information, and Herd Behavior," American Economic Review, American Economic Association, American Economic Association, vol. 85(2), pages 181-85, May.
- Matthew Rabin, 1998.
"Psychology and Economics,"
Journal of Economic Literature,
American Economic Association, vol. 36(1), pages 11-46, March.
- Rabin, Matthew, 1997. "Psychology and Economics," Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley qt8jd5z5j2, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Matthew Rabin., 1997. "Psychology and Economics," Economics Working Papers, University of California at Berkeley 97-251, University of California at Berkeley.
- Kaushik Mukhopadhaya, 2003. "Jury Size and the Free Rider Problem," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 19(1), pages 24-44, April.
- Zwiebel, Jeffrey H. & Vayanos, Dimitri & DeMarzo, Peter M., 2001.
"Persuasion Bias, Social Influence, and Uni-Dimensional Opinions,"
Research Papers, Stanford University, Graduate School of Business
1719, Stanford University, Graduate School of Business.
- Peter M. Demarzo & Dimitri Vayanos & Jeffrey Zwiebel, 2003. "Persuasion Bias, Social Influence, And Unidimensional Opinions," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 118(3), pages 909-968, August.
- Peter M. DeMarzo & Dimitri Vayanos & Jeffrey Zwiebel, 2003. "Persuasion bias, social influence, and uni-dimensional opinions," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 454, London School of Economics and Political Science, LSE Library.
- Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(3), pages 797-817, August.
- Michelle Baddeley, 2006. "Behind the black box: a survey of real-world investment appraisal approaches," Empirica, Springer, Springer, vol. 33(5), pages 329-350, December.
- Lisa R. Anderson & Charles A. Holt, 1996. "Classroom Games: Information Cascades," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 187-193, Fall.
- Nocetti Diego, 2008. "The Biasing Effects of Memory Distortions on the Process of Legal Decision-Making," Review of Law & Economics, De Gruyter, De Gruyter, vol. 4(1), pages 319-339, October.
- Ladha, Krishna K., 1995. "Information pooling through majority-rule voting: Condorcet's jury theorem with correlated votes," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 26(3), pages 353-372, May.
- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010.
"A theory of Fads, Fashion, Custom and cultural change as informational Cascades,"
Levine's Working Paper Archive
1193, David K. Levine.
- Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 100(5), pages 992-1026, October.
- Baddeley, M. & Burke, C. & Schultz, W. & Tobler, T., 2010. "Impacts of Personality on Herding in Financial Decision-Making," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 1006, Faculty of Economics, University of Cambridge.
- George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 115(3), pages 715-753, August.
- Sanjeev Goyal, 2007.
"Introduction to Connections: An Introduction to the Economics of Networks
[Connections: An Introduction to the Economics of Networks]," Introductory Chapters, Princeton University Press.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Howard Cobb).
If references are entirely missing, you can add them using this form.