Risk Preference Differentials of Small Groups and Individuals
Bibliographic Data
| ID | 9704822 |
|---|---|
| Authors | Robert S Shupp (Michigan State University), Robert Shupp (0000-0002-5332-1727, Michigan State University), Arlington W Williams (0000-0002-1646-8447, Indiana University) |
| Year | 2008 |
| Volume | 118 |
| Issue | 525 |
| Pages | 258-283 |
| Publication date | 2008-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2007.02112.x |
| OpenAlex | W1560988365 |
| Language | EN |
| Citations received | 9 |
| References cited | 16 |
This research compares lottery valuation decisions made by individuals with similar decisions made by small groups. There is an extensive social psychology literature addressing group versus individual decision making but few studies explore this issue in economic contexts with cash rewards. Willingness-to-pay data elicited from independent samples of individuals and three-person groups in a repeated-measures experimental design reveal that: the variance of risk preferences is generally smaller for groups than individuals and the average group is "more" risk averse than the average individual in high-risk situations, but groups tend to be "less" risk averse in low-risk situations. Copyright 2008 The Author(s). Journal compilation Royal Economic Society 2008
Actuarial science · Cash · Economics · Lottery · Microeconomics · Preference · Risk-seeking · Social preferences · Valuation (finance · Variance (accounting · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Experimental Behavioral Economics Studies · Finance · Psychology · Social Psychology
Hierarchies and decision-making in groups
Firm environmental, social, governance and financial performance relationship contradictions
Conversational Agent Dynamics with Minority Opinion and Cognitive Conflict in Small‐Group Decision‐Making
Risk Preference, Gender, Responsibility
Professional traders’ individual and social preferences under risk
Risk taking and information aggregation in groups
Gender differences in social risk taking
Voluntary contributions with imperfect information
How do humans respond to large realized losses
Bias in judgment
Robust Tests for the Equality of Variances
Advances in prospect theory
Risk Aversion and Incentive Effects
Group polarization
Experimental Tests of the Endowment Effect and the Coase Theorem
An Experiment on Risky Choice Amongst Households
The Decision Maker Matters
A Laboratory Study of Group Polarisation in the Team Dictator Game
| Unique citing works | 9 |
|---|---|
| Citations per year | 0,53 |
| Citation span | 2009 - 2025 (17) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 9 |