Management Research Seminar Series, conducted by the Department of Economics and Business, aims to bring accomplished researchers in the Management field to share their current research projects to facilitate an academic discussion, enhance knowledge, and discover potential connections. The series is designed for the academic audience, i.e., the Faculty and MA, PhD students; however, anyone interested in the series is welcome to attend.
On February 8, Dr.Steffen Keck from the University of Vienna will join the Management Research Seminar Series. The event will be in-person and on Zoom. For details, please email senyuza@ceu.edu or Yurteri_Sidar@phd.ceu.edu.
Title: Aggregate or Elaborate?: Feedback-based learning and the value of group interactions
Abstract: We explore how the possibility of learning from environmental feedback affects the relative value of group interactions compared to collective judgments that are formed by statistically aggregating different individual opinions. The results of two experimental studies showed that in environments with relatively high predictability group interactions provide significant additional value over a purely statistical aggregation at the beginning of the learning process, but also that the value of group interactions decreases over time and eventually becomes close to zero. By contrast, when environmental predictability is low, the value of group interactions is mostly unaffected by the stage of the learning process and generally negative. Finally, our results indicate that interactions in groups that engage in high levels of information elaboration provide overall more value in relatively predictable environments, but information elaboration does not have a positive effect when environmental predictability is low.