Are Two Heads Better Than One?: An Experimental Analysis of Group vs. Individual Decisionmaking
AbstractTwo laboratory experiments - one a statistical urn problem, the other a monetary policy experiment - were run to test the commonly-believed hypothesis that groups make decisions more slowly than individuals do. Surprisingly, this turns out not to be true there is no significant difference in average decision lags. Furthermore, and also surprisingly, there is no significant difference in the decision lag when groups decisions are made by majority rule versus when they are made under a unanimity requirement. In addition, group decisions are on average superior to individual decisions. The results are strikingly similar across the two experiments.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7909.
Date of creation: Sep 2000
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Other versions of this item:
- Alan S. Blinder & John Morgan, 2001. "Are Two Heads Better Than One?: An Experimental Analysis of Group vs. Individual Decisionmaking," Working Papers 130, Princeton University, Department of Economics, Center for Economic Policy Studies..
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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