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« On Coase and Coasean Economics | Main | Is There Nothing New Under the Sun in the Field of Economic Policy? »


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There is also this:

"In a nutshell, the bottom line emerging from economic research on group decision-making is that groups are more likely to make choices that follow standard game-theoretic predictions, while individuals are more likely to be influenced by biases, cognitive limitations, and social considerations. In this sense, groups are generally less "behavioral" than individuals. An immediate implication of this result is that individual decisions in isolation cannot necessarily be assumed to be good predictors of the decisions made by groups. More broadly, the evidence casts doubts on traditional approaches that model economic behavior as if individuals were making decisions in isolation."

"Groups Make Better Self-Interested Decisions" Author(s): Gary Charness and Matthias SutterSource: The Journal of Economic Perspectives, Vol. 26, No. 3 (Summer 2012), pp. 157-176.

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