Society's aversion to risk stifles collective experimentation and innovation.
The article explores how groups make decisions when individual preferences change as they learn. People's votes are influenced by how they think it will affect their future preferences. The study uses a model with safe and risky options that vary among individuals and can be learned through trial and error. The research shows that groups experiment less than individuals would on their own, and tend to avoid risky options even if they could be better. Sharing control can sometimes make experimentation less valuable. Committing to one option can be helpful if there isn't much uncertainty. When people's preferences are similar or different, it reduces inefficiencies.