This research explores whether there are culture differences in risk attitudes and risk choices at individual and group level. The results show that (1) South Koreans showed more favorable risk attitudes and risk choices than Chinese at individual level and (2) At group level of group decision making, South Koreans’ choice made by a group were facilitated than those made by individuals alone regardless gender compositions of male, female and mixed gender groups. But, the group facilitation effect were not observed regardless gender compositions of male, female and mixed gender groups of Chinese. The results are explained in terms of “Zhong-Yong” (or Doctrine of the Mean), which suggests Chinese are more likely to choose both extreme sides and use the “middle” of the two when they make decisions, and consequently, despite the fact that both countries share collectivist values, Zhong Yong could play a critical role in distinguishing the group decision-making processes of Chinese and South Korean.
