Economic small group research points to groups as more rational decision-makers in numerous economic situations. However, no attempts have been made to investigate whether groups are affected similarly by behavioral biases that are pervasive for individuals. If groups were also able to more...

This paper analyzes 12,596 wagering decisions of 6,064 contestants in the US game show Jeopardy!, focusing on the anchoring phenomenon in financial decision-making. We find that contestants anchor heavily on the initial dollar value of a clue in their wagering decision, even though there exists...

The problem of choosing an optimal toolkit day after day, when the distribution of values of different toolkits is uncertain and can only be observed by carrying different toolkits, is a multi-armed bandit problem with non-independent arms. Accordingly, except for very simple specifications,...