@article { , title = {Risk taking and information aggregation in groups}, abstract = {We report a controlled laboratory experiment examining risk-taking and information aggregation in groups facing a common risk. The experiment allows us to examine how subjects respond to new information, in the form of both privately observed signals and signals reported from others. We find that a considerable number of subjects exhibit ‘reverse confirmation bias’: they place less weight on information from others that agrees with their private signal and more weight on conflicting information. We also find a striking degree of consensus when subjects make decisions on behalf of the group under a random dictatorship procedure. Reverse confirmation bias and the incidence of consensus are considerably reduced when group members can share signals but not communicate.}, doi = {10.1016/j.joep.2015.08.001}, eissn = {0167-4870}, issn = {0167-4870}, journal = {Journal of Economic Psychology}, publicationstatus = {Published}, publisher = {Elsevier}, url = {https://nottingham-repository.worktribe.com/output/759293}, volume = {51}, keyword = {Group Behavior, Teams, Decision Making, Risk, Experiment}, year = {2015}, author = {Bougheas, Spiros and Nieboer, Jeroen and Sefton, Martin} }