Risk-Averse and Self-Interested Shifts in Groups in Both Median and Random Rules

Yoshio Kamijo, Teruyuki Tamura*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


The purpose of this study was to determine whether attitudes toward risk and altruism are affected by being in a group or being alone. In contrast to previous economic research on group decision-making, we excluded the effects of group informal discussions, which are thought to be a “black box” when individuals make decisions in a group. In this regard, the subjects in our experiment were only requested to show their faces to the other members, without further communication. Moreover, we adopted two collective decision rules, i.e., the median rule and the random rule, which provide the truth-telling mechanism. In the experiments of both anonymous investment and donation, we found that the subjects who made decisions in a group offered significantly lower amounts than those who made decisions alone, after controlling for individuals’ risk and altruistic preferences. The findings imply that people are more risk-averse and self-interested when they are in a group, regardless of which collective decision rules are adopted.

Original languageEnglish
Article number16
Issue number1
Publication statusPublished - 2023 Feb


  • altruism
  • decision under risk
  • group decision
  • individual decision

ASJC Scopus subject areas

  • Statistics and Probability
  • Statistics, Probability and Uncertainty
  • Applied Mathematics


Dive into the research topics of 'Risk-Averse and Self-Interested Shifts in Groups in Both Median and Random Rules'. Together they form a unique fingerprint.

Cite this