Social Influences in Sequential Decision Making.

ABSTRACT: People often make decisions in a social environment. The present work examines social influence on people's decisions in a sequential decision-making situation. In the first experimental study, we implemented an information cascade paradigm, illustrating that people infer information from decisions of others and use this information to make their own decisions. We followed a cognitive modeling approach to elicit the weight people give to social as compared to private individual information. The proposed social influence model shows that participants overweight their own private information relative to social information, contrary to the normative Bayesian account. In our second study, we embedded the abstract decision problem of Study 1 in a medical decision-making problem. We examined whe

SUBMITTER: Schobel M 

PROVIDER: S-EPMC4718651 | biostudies-literature | 2016

REPOSITORIES: biostudies-literature