Are Groups More (or Less) Consistent Than Individuals?
There is now overwhelming experimental evidence that individuals systematically violate the axioms of Expected Utility theory. In reality, however, many economic decisions are taken by, or on behalf of, groups whose members have a joint stake in those decisions. This paper reports on an experiment in which pairs of individuals are tested for Common-Ratio inconsistencies. We find that the agreed choices of subject-pairs follow a pattern of inconsistency very close to that of individuals choices. We also look for evidence that group participation increases the consistency of the individuals themselves. With one solitary exception, we find none. Copyright 1999 by Kluwer Academic Publishers
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
When requesting a correction, please mention this item's handle: RePEc:kap:jrisku:v:18:y:1999:i:1:p:63-81. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.