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Decision-makers use social information to update their preferences—but choose for others as they do for themselves

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Michael, John, Gutoreva, Alina, Lee, Michele H., Tan, Peng Ning, Bruce, Eleanor M., Székely, M., Ankush, Thobhani A, Sakaguchi, Hiroaki, Walasek, Lukasz and Ludvig, E. (2020) Decision-makers use social information to update their preferences—but choose for others as they do for themselves. Journal of Behavioral Decision Making, 33 (3). pp. 270-286. doi:10.1002/bdm.2163

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Official URL: https://doi.org/10.1002/bdm.2163

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Abstract

People's risky decisions are susceptible to the social context in which they take place. Across three experiments using different paradigms, we investigated the influence of three social factors upon participants' decisions: the recipient of the decision‐making outcome (self, other, or joint), the nature of the relationship with the other agent (friend, stranger, or teammate), and the type of information that participants received about others' preferences: none at all, general information about how previous participants had decided, or information about a specific partner's preference. We found that participants' decisions about risk did not differ according to whether the outcome at stake was their own, another agent's, or a joint outcome, nor according to the type of information available. Participants did, however, adjust their preferences for risky options in light of social information.

Item Type: Journal Article
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HB Economic Theory
H Social Sciences > HM Sociology
Divisions: Faculty of Social Sciences > Philosophy
Faculty of Science > Psychology
Faculty of Science > WMG (Formerly the Warwick Manufacturing Group)
Library of Congress Subject Headings (LCSH): Decision making , Group decision making , Choice (Psychology) , Social choice , Risk-taking (Psychology)
Journal or Publication Title: Journal of Behavioral Decision Making
Publisher: John Wiley & Sons Ltd.
ISSN: 0894-3257
Official Date: July 2020
Dates:
DateEvent
July 2020Published
14 November 2019Available
24 October 2019Accepted
Volume: 33
Number: 3
Page Range: pp. 270-286
DOI: 10.1002/bdm.2163
Status: Peer Reviewed
Publication Status: Published
Publisher Statement: "This is the peer reviewed version of the following article:Michael, J, Gutoreva, A, Lee, MH, et al. Decision‐makers use social information to update their preferences but choose for others as they do for themselves. J Behav Dec Making. 2019; 1– 16. https://doi.org/10.1002/bdm.2163, which has been published in final form at https://doi.org/10.1002/bdm.2163. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions."
Access rights to Published version: Restricted or Subscription Access
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
679092European Research Councilhttp://dx.doi.org/10.13039/501100000781
UNSPECIFIEDLeverhulme Trusthttp://dx.doi.org/10.13039/501100000275
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