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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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WRAP-decision-makers-social-choose-Ludvig-2019.pdf - Accepted Version - Requires a PDF viewer. Download (1565Kb) | Preview |
Official URL: https://doi.org/10.1002/bdm.2163
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 | |||||||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory H Social Sciences > HM Sociology |
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| Divisions: | Faculty of Social Sciences > Philosophy Faculty of Science > Psychology Faculty of Science > WMG (Formerly the Warwick Manufacturing Group) |
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| 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 | |||||||||
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| 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: |
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