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Are four heads better than two? An experimental beauty-contest game with teams of different size

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  • Matthias Sutter

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Abstract

We examine the influence of team size on decision making in a beauty-contest experiment. Teams with four members outperform teams with two members and single persons significantly, whereas the latter two types of decision makers do not differ.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Strategic Interaction Group in its series Papers on Strategic Interaction with number 2004-15.

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Length: 13 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:esi:discus:2004-15

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Keywords: team decision making; team size; beauty-contest experiment;

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References

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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.
  2. Duffy, John & Nagel, Rosemarie, 1997. "On the Robustness of Behaviour in Experimental "Beauty Contest" Games," Economic Journal, Royal Economic Society, vol. 107(445), pages 1684-1700, November.
  3. Nagel, Rosemarie, 1995. "Unraveling in Guessing Games: An Experimental Study," American Economic Review, American Economic Association, vol. 85(5), pages 1313-26, December.
  4. Rosemarie Nagel & Antoni Bosch-Domènech & Albert Satorra & José García Montalvo, 1999. "One, two, (three), infinity: Newspaper and lab beauty-contest experiments," Economics Working Papers 438, Department of Economics and Business, Universitat Pompeu Fabra.
  5. Martin G. Kocher & Matthias Sutter, 2004. "The Decision Maker Matters: Individual versus Group Behaviour in Experimental Beauty-Contest Games," Papers on Strategic Interaction 2004-09, Max Planck Institute of Economics, Strategic Interaction Group.
  6. Gary Bornstein & Ilan Yaniv, 1998. "Individual and Group Behavior in the Ultimatum Game: Are Groups More “Rational†Players?," Experimental Economics, Springer, vol. 1(1), pages 101-108, June.
  7. Alan S. Blinder & John Morgan, 2000. "Are Two Heads Better Than One?: An Experimental Analysis of Group vs. Individual Decisionmaking," NBER Working Papers 7909, National Bureau of Economic Research, Inc.
  8. James Cox & Stephen Hayne, 2006. "Barking up the right tree: Are small groups rational agents?," Experimental Economics, Springer, vol. 9(3), pages 209-222, September.
  9. Bettina Kuon & Abdolkarim Sadrieh & Barbara Mathauschek, 1999. "Teams Take the Better Risks," Discussion Paper Serie B 452, University of Bonn, Germany.
  10. Bone, John & Hey, John & Suckling, John, 1999. "Are Groups More (or Less) Consistent Than Individuals?," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 63-81, April.
  11. John Bone & John Hey & John Suckling, . "A Simple Risk-Sharing Experiment," Discussion Papers 00/36, Department of Economics, University of York.
  12. David J. Cooper & John H. Kagel, 2005. "Are Two Heads Better Than One? Team versus Individual Play in Signaling Games," American Economic Review, American Economic Association, vol. 95(3), pages 477-509, June.
  13. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
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