| Abstract: | Groups that were homogeneous and heterogeneous in terms of risk preferences were varied orthogonally across conditions of information exchange and discussion. The shift toward risk for heterogeneous group members was significantly larger than for homogeneous group members, who did not differ from a control condition. Further analyses showed that two possible alternative hypotheses, time differentials for discussion and regression toward the mean, were not tenable. The data support (a) the “at least as willing” interpretation of Brown's risk-as-value hypothesis, and (b) the necessity of constituting groups for heterogeneity and homogeneity with great care. |
