Group caution at the race track

McCauley, Stitt, Woods and Lipton's finding that groups were more conservative than individuals when betting at a race track has been criticized on statistical and methodological grounds. The present study which does not suffer the shortcomings for which McCauley et al. were legitimately criticized does, nonetheless, sustain their general results and conclusions. Groups were significantly more cautious than individuals when wagering $2.00 on a horse race.