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Does consultation improve decision making?

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  • Alessia Isopi

    (School of Economics, University of Nottingham)

  • Daniele Nosenzo

    (School of Economics, University of Nottingham)

  • Chris Starmer

    ()
    (School of Economics, University of Nottingham)

Abstract

This paper reports an experiment designed to test whether prior consultation within a group affects subsequent individual decision making in tasks where demonstrability of correct solutions is low. In our experiment subjects considered two paintings created by two different artists and were asked to guess which artist made each painting. We observed answers given by individuals under two treatments: in one, subjects were allowed the opportunity to consult with other participants before making their private decisions; in the other there was no such opportunity. Our primary findings are that subjects in the first treatment evaluate the opportunity to consult positively but they perform significantly worse and earn significantly less.

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Bibliographic Info

Paper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2011-08.

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Date of creation: Jul 2011
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Handle: RePEc:cdx:dpaper:2011-08

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Keywords: Consultation; Decision making; Group decisions; Individual decisions;

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