The Decision Maker Matters: Individual Versus Group Behaviour in Experimental Beauty‐Contest Games
通过实验比较个体与小型群体在选美比赛中的行为，发现群体并非天生更聪明，但学习速度更快；当个体与群体竞争时，群体在收益上显著优于个体。
Economics has devoted little attention so far as to whether the type of decision maker matters for economic decisions. However, many important decisions like those on monetary policy or a company's business strategy are made by (small) groups rather than an individual. We compare behaviour of individuals and small groups in an experimental beauty-contest game. Our findings suggest that groups are not smarter decision makers per se, but that they learn faster than individuals. When individuals compete against groups, the latter significantly outperform the former in terms of payoff.