Decision Research at Warwick (DR@W) is an interdisciplinary initiative which focuses on behavioural and experimental research of decision making.
Formed in January 2010, DR@W brings together researchers and students from Economics, Psychology, Statistics, Warwick Mathematics Institute, Warwick Manufacturing Group and Warwick Business School that are interested in current developments in the area of experimental and behavioural research.
The Department of Economics have created and manage a large computer laboratory for use with experiments.
Visit the Decision Research at Warwick website for further details.
DR@W Forum (Hybrid Session): Joshua Becker (UCL)
Research on the ‘wisdom of crowds’ has consistently shown that one way to improve the accuracy of numeric estimates such as economic forecasting is by using the average estimate of multiple individual contributors, rather than relying on one single person. However, decades of lab experiments have produced contradictory results about whether and when communication between group members makes the resulting average more accurate or less accurate. Thus despite the existence of over 100k results on Google scholar using the “Delphi method” form of information exchange, we lack clear evidence that this method is actually better than unstructured discussion, or that any form of communication is better than none. This talk will use a formal model of opinion exchange to explain contradictions in prior research by showing why communication sometimes increases accuracy and sometimes decreases accuracy. I will conclude by discussing some limitations of this model for describing true deliberation, sharing some new research under development, and invite collaborative discussion on how future research might address these topics.
Meeting ID: 998 5861 2295