This article examines the group polarization process when agents are faced with a risk for
which the probability of occurrence is not perfectly known. First, we show information …

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 …

Experiments identify the empirical regularity that groups tend to make decisions that are
more extreme, but in the same direction as the tendency of individual members of the group …

Economic theory traditionally explains choice under risk through the preferences of the
individual, yet many important economic decisions are made by groups. To increase our …

We provide an analysis of odds‐improving self‐protection for when it yields collective
benefits to groups, such as alliances of nations, for whom risks of loss are public bads and …

Previous studies show that group risk taking can be more conservative than individual risk
taking. Two common, but untested reasons for this greater caution are the influence of social …

The writer is very grateful to his committee members, Dr. Leonard Oseas, Dr. David
Lundgren, and Dr. Clovis Shepherd, for their encouragement, valuable tine and helpful …

In this article we analyze the risk attitude of a group of heterogeneous agents and we
develop a theory of comparative collective risk tolerance. In particular, we characterize how …

The value of information is examined in a risk-sharing environment with unawareness and
complete markets. Information and awareness are symmetric among agents, who have a …

Individuals with identical preferences each receive a signal about the unknown state of the
world and separately decide upon a utilitymaximizing recommendation on the basis of that …