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Does consultation improve decision-making?

Isopi, Alessia; Nosenzo, Daniele; Starmer, Chris

Authors

Alessia Isopi alessia.isopi@manchester.ac.uk

Daniele Nosenzo daniele.nosenzo@nottingham.ac.uk

CHRIS STARMER chris.starmer@nottingham.ac.uk
Professor of Experimental Economics



Abstract

This paper reports an experiment designed to test whether prior consultation within a group affects subsequent individual decision-making in tasks where demonstrability of correct solutions is low. In our experiment, subjects considered two paintings created by two different artists and were asked to guess which artist made each painting. We observed answers given by individuals under two treatments: In one, subjects were allowed the opportunity to consult with other participants before making their private decisions; in the other, there was no such opportunity. Our primary findings are that subjects in the first treatment evaluate the opportunity to consult positively, but they perform significantly worse and earn significantly less.

Journal Article Type Article
Publication Date Jun 20, 2014
Journal Theory and Decision
Print ISSN 0040-5833
Electronic ISSN 0040-5833
Publisher Humana Press
Peer Reviewed Peer Reviewed
Volume 77
Issue 3
APA6 Citation Isopi, A., Nosenzo, D., & Starmer, C. (2014). Does consultation improve decision-making?. Theory and Decision, 77(3), doi:10.1007/s11238-014-9449-9
DOI https://doi.org/10.1007/s11238-014-9449-9
Keywords Consultation, decision making, group decisions, individual decisions
Publisher URL http://link.springer.com/article/10.1007/s11238-014-9449-9/fulltext.html
Copyright Statement Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by/4.0

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Copyright Statement
Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by/4.0





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