more risk averse than individuals. Overall, groups were more likely to choose the safe
outcome than individuals. This is largely because those choosing the risky option were
more likely to change their vote if they were in the minority.
The general conclusion of this work is that groups exhibit less variation than indi-
viduals in risky choices, and that groups tend to be more risk averse, especially in high
risk lotteries. A partial exception to this pattern is provided by Harrison et al. (2013),
who combined features of the Baker et al. and Masclet et al. experimental designs. They
utilized a Holt-Laury style ...
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