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Title:Teams make you smarter: Learning and knowledge transfer in auctions and markets by teams and individuals PDF Logo
Authors:Maciejovsky, Boris
Sutter, Matthias
Budescu, David V.
Bernau, Patrick
Issue Date:2010
Series/Report no.:Discussion paper series // Forschungsinstitut zur Zukunft der Arbeit 5105
Abstract:We study the impact of team decision making on market behavior and its consequences for subsequent individual performance in the Wason selection task, the single-most studied reasoning task. We reformulated the task in terms of assets in a market context. Teams of traders learn the task's solution faster than individuals and achieve this with weaker, less specific, performance feedback. Some teams even perform better than the best individuals. The experience of team decision-making in the market also creates positive knowledge spillovers for post-market individual performance in solving new Wason tasks, implying that team experiences enhance individual problem-solving skills.
Subjects:Wason selection task
auctions
markets
team decisions
rationality
JEL:C91
C92
D03
Persistent Identifier of the first edition:urn:nbn:de:101:1-201009302427
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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