Risk taking and information aggregation in groups

==notes by yinung==
終於有人做類似我之前的實驗想法…
reverse confirmation bias:
* 決策者對於來自於其他人的且和自己所獲看法相同之私有訊息, 所放的權重較少; 反之, 對和自己所獲看法「衝突」之私有訊息, 所放的權重較多。
they place less weight on information from others that agrees with their private signal and more weight on conflicting information.
* 在 group 分享訊息但不溝通的決策情境中, 此現象會減少…
Date: 2015
By: Spiro Bougheas
Jeroen Nieboer
Martin Sefton
URL: http://d.repec.org/n?u=RePEc:ehl:lserod:64085&r=net
We report a controlled laboratory experiment examining risk-taking and information aggregation in groups facing a common risk. The experiment allows us to examine how subjects respond to new information, in the form of both privately observed signals and signals reported from others. We find that a considerable number of subjects exhibit ‘reverse confirmation bias’: they place less weight on information from others that agrees with their private signal and more weight on conflicting information. We also find a striking degree of consensus when subjects make decisions on behalf of the group under a random dictatorship procedure. Reverse confirmation bias and the incidence of consensus are considerably reduced when group members can share signals but not communicate.
Keywords: Group behaviour; teams; decision making; risk; experiment
JEL: C91 C92 D71 D80

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