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In laboratory experiments we explore the effects of communication and group decision making on investment behavior and on subjects’ proneness to behavioral biases.

Most importantly, we show that communication and group decision making do not impact subjects’ overall proneness to the hot hand fallacy and to the gambler's fallacy.

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We thank the Editor, the Associate Editor, two anonymous referees, Matthias Sutter, and participants at the Nordic Conference on Behavioral and Experimental Economics 20, and Experimental Finance 2015 for their helpful comments and suggestions.

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