Individual and group behavior in economic decisions: A literature review
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Title
Individual and group behavior in economic decisions: A literature reviewAuthor (s)
Tutor/Supervisor; University.Department
Colasante, AnnaritaDate
2020-11-10Publisher
Universitat Jaume IAbstract
In economics a “decision maker” is usually modeled as an individual. However, in many reallife
situations the decision makers are, in fact, groups rather than individuals. Similarly, many
important legal, political ... [+]
In economics a “decision maker” is usually modeled as an individual. However, in many reallife
situations the decision makers are, in fact, groups rather than individuals. Similarly, many
important legal, political or military decisions are made by groups. In the present article, we
review literature trying to investigate the difference between individual and group behavior in
an economic decision. What are the foundations of such behavior, what factors influence the
behavior, does the type of decision maker matter, how do economic theories differ in practical
results? We will observe the behavior of individuals and small groups through various
researches, and consider such experimental games as Ultimatum Game, Beauty Contest,
Prisoner's Dilemma and Battle of the Sexes. [-]
Subject
Description
Treball Final de Màster Universitari en Economia / Master in Economics. Codi: SRN015. Curs acadèmic 2019/2020
Type
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