- Individual or team decision-making - Causes and consequences of self-selection
- Games and Economic Behavior
- Volume | Issue number
- 56 | 2
- Pages (from-to)
- Number of pages
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
Even though decision-making in small teams is pervasive in business and private life, little is known about subjects' preferences with respect to individual and team decision-making and about the consequences of respecting these preferences. We report the results from an experimental beauty-contest game where subjects could endogenously choose their preferred way of decision-making. About 60% of them preferred to decide in a team, and teams won the game significantly more often than individuals did. Nevertheless, both individuals and teams were highly satisfied with their chosen role, though for different reasons.
Keywords: Beauty-contest game; Team decision-making; Individual decision-making; Endogenous choice; Experiment
JEL classification codes: C72; C91; C92; J21; M54
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