The 'Savage paradigm' of rational decision-making under uncertainty has become the dominant model of human behavior in mainstream economics and game theory. However, under the rubric of 'bounded-rationality', this model has been criticized as inadequate from both normative and descriptive...

Over the last ten years the literature in experimental economics has seen a growing interest in groups and how they compare to individuals in different settings. This paper contributes to the literature on this topic by investigating the comparison between groups and individuals with respect to...

For group decision about shared goods, the nature of the shared good and how its cost is to be shared among group members must be determined. Complexity arises from heterogeneity in preferences and endowments and nonlinear cost. To facilitate group decision, this paper proposes special type of...

Problem definition: Is a committee comprised of more or less cognitively diverse members better atapproving the “good” projects and rejecting the “bad” ones?Academic/Practical Relevance: We contribute in the operations management literature by accounting for the fact that critical...

We consider a team of agents with limited problem-solving ability facing a disjunctive task over a large solution space. We provide sufficient conditions for the following four statements. First, two heads are better than one: a team of two agents will solve the problem even if neither agent...

In this paper, we report the results of experiments designed to test whether individuals and groups abide by the axioms of monotonicity, with respect to first-order stochastic dominance and Bayesian updating, when making decisions in the face of risk. The results indicate a significant number of...

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...

It is both important and challenging to gain influence within geographically diverse teams. We argue that the emotions team members experience in their initial team meetings moderate the effect of geographical dissimilarity on their perceived influence on team decisions over time. Specifically,...

Group decision making is commonly used in juries, businesses, and in politics to increase the informational basis for a decision and to improve decision accuracy. Recent work on generalizing Condercet's jury theorem provides a compelling justification for using groups in this manner. But these...