Risk-Averse and Self-Interested Shifts in Groups in Both Median and Random Rules

Author:

Kamijo Yoshio1,Tamura Teruyuki2ORCID

Affiliation:

1. School of Political Science and Economics, Waseda University, 1-6-1 Nishi-Waseda, Shinjuku-ku, Tokyo 169-8050, Japan

2. School of Political Science and Economics, Tokai University, 4-1-1 Kitakaname, Tokyo 151-8677, Japan

Abstract

The purpose of this study was to determine whether attitudes toward risk and altruism are affected by being in a group or being alone. In contrast to previous economic research on group decision-making, we excluded the effects of group informal discussions, which are thought to be a “black box” when individuals make decisions in a group. In this regard, the subjects in our experiment were only requested to show their faces to the other members, without further communication. Moreover, we adopted two collective decision rules, i.e., the median rule and the random rule, which provide the truth-telling mechanism. In the experiments of both anonymous investment and donation, we found that the subjects who made decisions in a group offered significantly lower amounts than those who made decisions alone, after controlling for individuals’ risk and altruistic preferences. The findings imply that people are more risk-averse and self-interested when they are in a group, regardless of which collective decision rules are adopted.

Funder

Japan Society for the Promotion of Science

Publisher

MDPI AG

Subject

Applied Mathematics,Statistics, Probability and Uncertainty,Statistics and Probability

Reference56 articles.

1. Stoner, J.A.F. (1961). A Comparison of Individuals and Group Decisions Involving Risk. Unpublished. [Master’s Thesis, Massachusetts Institute of Technology].

2. The group as a polarizer of attitudes;Moscovici;J. Pers. Soc. Psychol.,1969

3. Test of the “risk is value” hypothesis;Levinger;J. Pers. Soc. Psychol.,1969

4. Interpersonal comparisons versus persuasive argument: A more direct test of alternative explanations for group-induced shifts in individual choices;Burnstein;J. Exp. Soc. Psychol.,1973

5. Further comment on the risky shift;Brown;Am. Psychol.,1974

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