Group Decision Making in the Negative Domain

Abstract

During the past 10 years, there has been continuing discussion of a central idea of prospect theory: individuals' risk-taking behavior will differ depending on whether they perceive themselves to be in the negative domain (the donmin of losses) or the positive domain (the domain of gains). Specifically, prospect theory proposes that individuals will be risk seeking in the negative and risk averse in the positive domain. During this same period, the study of group behavior has continued, and there has been consideration of group factors that may affectrisktaking. However, there has been no systematic effort to establish direct linkages between the group behavior and the prospect theory literature. In this article, we begin by reviewing the two literature streams and suggesting linkages. Based on the linkages we see, we propose a series of testable hypotheses that we believe can establish a research agenda for those working in this area. Finally, we propose implications for managers and practitioners.

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