Dear colleagues, in the name of the Department of Economics, I cordially invite you to our research seminar 12th of May, 2021, 4pm: Boris Maciejovsky (University of California, Riverside) https://profiles.ucr.edu/boris.maciejovsky <https://profiles.ucr.edu/boris.maciejovsky> Too Much Trust in Group Decisions: Uncovering Hidden Profiles by Groups and Markets Abstract: A crucial challenge for organizations is to pool and aggregate information ef- fectively. Traditionally, organizations have relied on committees and teams, but recently many organizations have explored the use of information markets. In this paper, the authors compared groups and markets in their ability to pool and aggregate information in a hidden-profiles task. In Study 1, groups outperformed markets when there were no conflicts of interest among participants, whereas markets outperformed groups when conflicts of interest were present. Also, participants had more trust in groups to uncover hidden profiles than in markets. Study 2 generalized these findings to a simple prediction task, confirming that people had more trust in groups than in markets. These results were not qualified by conflicts of interest. Drawing on experienced forecasters from Good Judgment Open, Study 3 found that familiarity and experience with markets increased the endorsement and use of markets relative to traditional committees. Boris Maciejovsky is an award winning researcher, teacher, and an Associate Professor of Managment. His research interests are in the area of decision-making in economic, social, and organizational contexts. You may want to watch him giving a TED talk on how to become the person you want to be, https://youtu.be/avTD-NyCSUI <https://youtu.be/avTD-NyCSUI> . He received his Ph.D. in marketing from the Sloan School of Management at the Massachusetts Institute of Technology (MIT) and his doctoral degree in psychology from the University of Vienna. Before joining UCR, he was a faculty member at Imperial College London, the London School of Economics, the Max Planck Institute of Economics, and the Humboldt University of Berlin. He is also on the editorial board of the Journal of Economic Psychology. Selected publications: * Corporate Hierarchy and Vertical Communication Flow Inside the Firm: A Behavioral View, Reitzig, Markus, & Maciejovsky, Boris (2015), Strategic Management Journal, 36, 1979-1999. * Teams Make You Smarter: How Exposure to Teams Improves Individual Decisions in Probability and Reasoning Tasks, Maciejovsky, Boris, Sutter, Matthias, Budescu, David V., & Bernau, Patrick (2013), Management Science, 59(6), 1255-1270. * Costs of Implementation: Bargaining Costs versus Allocative Efficiency, Maciejovsky, Boris, & Wernerfelt, Birger (2011), Journal of Economic Behavior and Organization, 77(3), 318-325. * Risk Attitude and Market Behavior: Evidence from Experimental Asset Markets. Fellner, Gerlinde, & Maciejovsky, Boris (2007), Journal of Economic Psychology, 28(3), 338-350 Please register at https://www.jku.at/en/department-of-economics/research/research-events/onlin... <https://www.jku.at/en/department-of-economics/research/research-events/online-research-seminar/> for the zoom link. With best regards, René Böheim -- PD René Böheim, PhD Department of Economics JOHANNES KEPLER UNIVERSITÄT LINZ Altenberger Straße 69 4040 Linz, Österreich P +43-732-2468-7369 www.econ.jku.at/boeheim <http://www.econ.jku.at/boeheim> Research: http://ideas.repec.org/e/pbh15.html <http://ideas.repec.org/e/pbh15.html>