Intervention(s)
We conduct an online experiment. In every round, decision-makers have to make a decision (red or blue), either individually or collectively (in groups of three), depending on the treatment. If the correct decision is taken, i.e. if the decision equals the state of the world (red or blue), each player enjoys a positive payoff. A priori, each state is equally likely and signals (red or blue) are randomly drawn from an urn representing the state of the world. Our treatments vary the bias of the decision makers, the correlation structure of the signals and whether the decisions are made individually or collectively.