Many important decisions in human life are made by groups rather than individuals. Think of
families, executive boards, legislatures or committees. Even the main agents in introductory
economic textbooks, e.g., households and firms, are typically not individuals, but groups of
people with a joint stake in economic decisions. The range of decisions taken by teams is
wide, including, for example, market entry decisions of companies or savings and investment
decisions of households. Risk is necessarily an important dimension of such decisions.
Therefore, the recent literature on group decision-making has put a strong emphasis on group
decision-making under risk.