Teams Make You Smarter: Learning and Knowledge Transfer in Auctions and Markets by Teams and Individuals
AbstractWe study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of ?assets? in a market context. Teams of traders learn the task?s solution faster than individuals and achieve this with weaker, less specific, performance feedback. Some teams even perform better than the best individuals. The experience of team decision-making in the market also creates positive knowledge spillovers for post?market individual performance in solving new Wason tasks, implying that team experiences enhance individual problem-solving skills.
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Bibliographic InfoPaper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2010-17.
Date of creation: Jul 2010
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Wason selection task; rationality; team decision making; individual decision making; auction;
Other versions of this item:
- Maciejovsky, Boris & Sutter, Matthias & Budescu, David V. & Bernau, Patrick, 2010. "Teams Make You Smarter: Learning and Knowledge Transfer in Auctions and Markets by Teams and Individuals," IZA Discussion Papers 5105, Institute for the Study of Labor (IZA).
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-24 (All new papers)
- NEP-CBE-2010-07-24 (Cognitive & Behavioural Economics)
- NEP-EXP-2010-07-24 (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.:
- David V. Budescu & Boris Maciejovsky, 2004. "The Effect of Monetary Feedback and Information Spillovers on Cognitive Errors: Evidence from Competitive Markets," Papers on Strategic Interaction 2004-32, Max Planck Institute of Economics, Strategic Interaction Group.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:CitEc Project, subscribe to its RSS feed for this item.
- Alessia Isopi & Daniele Nosenzo & Chris Starmer, 2011.
"Does consultation improve decision making?,"
2011-08, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Juliane E. Kaemmer & Wolfgang Gaissmaier & Uwe Czienskowski, 2013. "The environment matters: Comparing individuals and dyads in their adaptive use of decision strategies," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(3), pages 299-329, May.
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