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[It is well documented that individuals make different choices in the context of group decisions, such as elections, from choices made in isolation. In particular, individuals tend to conform to the decisions of others -- a property we call the consensus effect -- which in turn implies phenomena...
Persistent link: https://www.econbiz.de/10012997837
Individuals often tend to conform to the choices of others in group decisions, compared to choices made in isolation, giving rise to phenomena such as group polarization and the bandwagon effect. We show that this behavior, which we term the consensus effect, is equivalent to a well-known...
Persistent link: https://www.econbiz.de/10012981661
We introduce a new class of preferences — which we call additive-belief-based (ABB) —that captures a general and yet tractable approach to belief-based utility, and that encompasses many popular models in the behavioral literature. We show that the general class of ABB preferences and two...
Persistent link: https://www.econbiz.de/10014096033