Are People in Groups More Farsighted than Individuals?
A dynamic decision making experiment recently conducted on individuals suggested that people may look ahead but seem either unable or unwilling to predict their own future behaviour. In order to distinguish between these two possibilities, we repeated the experiment with pairs of individuals. The experiment consisted of two decision nodes (interleaved with two chance nodes), with one of the pair choosing at the first decision node and the second of the pair choosing at the second. Given the structure of the experiment, it was simple for the first player to predict the decisions of the second player. Nevertheless, the decisions of the first player indicate strongly that the first player does not in fact do so. It seems that people are unwilling to predict not only their own future behaviour but also the future behaviour of others.
Authors: | Bone, John ; Hey, John ; Suckling, John |
---|---|
Institutions: | Department of Economics and Related Studies, University of York |
Subject: | Planning | prediction | dynamic decision making | pairs | individuals |
Saved in:
freely available
Extent: | application/pdf |
---|---|
Series: | |
Type of publication: | Book / Working Paper |
Language: | English |
Classification: | C91 - Laboratory, Individual Behavior ; C92 - Laboratory; Group Behavior ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; C61 - Optimization Techniques; Programming Models; Dynamic Analysis |
Source: |
Persistent link: https://www.econbiz.de/10005328532
Saved in favorites
Similar items by subject
-
The Optimal Level of Experimentation
Moscarini, Giuseppe, (2012)
-
The Optimal Level of Experimentation
Moscarini, Giuseppe, (2012)
-
An Experimental Analysis of Optimal Renewable Resource Management: The Fishery
Neugebauer, Tibor, (2008)
- More ...
Similar items by person