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| Author: | Shupp, R.S. Williams, A.W. |
| Title: | Risk preference differentials of small groups and individuals |
| Journal: | Economic Journal
2008 : JAN, VOL. 118:525, p. 258-283 |
| Index terms: | risk analysis risk management investors decision making valuation lotteries |
| Freeterms: | willingness to pay |
| Language: | eng |
| Abstract: | This paper compares lottery valuation decisions made by individuals (henceforth as: indvs.) with those made by small groups. Based on willingness-to-pay (WTP) data from independent samples of indvs. three-person groups in an experimental design reveal that the variance of risk preferences is generally smaller for groups than indvs. The average group is more risk averse than the average individual in high-risk situations. However, groups tend to be less risk averse in low-risk situations. |
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