We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings. Previous experimental studies have shown that higher-order risk preferences affect the choices of individuals deciding privately on lotteries that only affect their own pay-off. Yet,...

We review two fundamentally different ways that decision time is related to cooperation. First, studies have experimentally manipulated decision time to understand how cooperation is related to the use of intuition versus deliberation. Current evidence supports the claim that time pressure (and,...

Before a group can take a decision, its members must agree on a mechanism to aggregate individual preferences. In this paper we present the results of an experiment on the influence of private payoff information and the role of the available alternatives on individuals' mechanism choices in such...

Recent studies suggest that cooperative decision-making in one-shot interactions is a history-dependent dynamic process: promoting intuition versus deliberation has typically a positive effect on cooperation (dynamism) among people living in a cooperative setting and with no previous experience...

Before a group can take a decision, its members must agree on a mechanism to aggregate individual preferences. In this paper we present the results of an experiment on the influence of private payoff information and the role of the available alternatives on individuals’ mechanism choices in...

When faced with the chance to help someone in mortal danger, what is our first response? Do we leap into action, only later considering the risks to ourselves? Or must instinctive self-preservation be overcome by will-power in order to act? We investigate this question by examining the testimony...

We test for behavioral differences between groups and individuals in gift-exchange experiments. Related studies establish group behavior as typically closer to the game - theoretic equilibrium. We show that this result may depend crucially on the decision making procedure within groups. A novel...

Boom and bust or overshoot and collapse dynamics are common among firms in a large range of different industries. The underlying cognitive and behavioral factors responsible for strategic decisions driving boom and bust dynamics include misperceptions of feedback, attribution errors, and the...

We report results from a laboratory experiment that explores the effects of preference communication and leader selection mechanisms in group decision-making. In a setting where all members of a group get the same payoff based on the group leader's decision of how much risk to take, we study the...

More than 80 central banks use a committee to take monetary policy decisions. The composition of the committee and the structure of the meeting can affect the quality of the decision making. In this paper we review economic, experimental, sociological and psychological studies to identify...