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Teams Make You Smarter: Learning and Knowledge Transfer in Auctions and Markets by Teams and Individuals

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Author Info

  • Maciejovsky, Boris

    ()
    (Imperial College London)

  • Sutter, Matthias

    ()
    (European University Institute)

  • Budescu, David V.

    ()
    (Fordham University)

  • Bernau, Patrick

    ()
    (University of Cologne)

Abstract

We 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 Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 5105.

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Length: 37 pages
Date of creation: Aug 2010
Date of revision:
Handle: RePEc:iza:izadps:dp5105

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Related research

Keywords: rationality; Wason selection task; markets; auctions; team decisions;

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References

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  1. 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.
  2. 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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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Collective vs individual decisions
    by chris dillow in Stumbling and Mumbling on 2010-07-30 14:03:35
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Cited by:
  1. Alessia Isopi & Daniele Nosenzo & Chris Starmer, 2011. "Does consultation improve decision making?," Discussion Papers 2011-08, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  2. 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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