Some considerations on risk management in the service Economy

Abstract

Management of uncertainty and vulnerability is becoming more essential in the coming service economy than ever before. Management of risks need a new approach which must be based on a recognition of the special features of the service economy.     

Conforming to coordinate: Children use majority information for peer coordination

Humans are constantly required to coordinate their behaviour with others. As this often relies on everyone's convergence on the same strategy (e.g., driving on the left side of the road), a common solution is to conform to majority behaviour. In this study, we presented 5‐year‐old children with a coordination problem: To retrieve some rewards, they had to choose the same of four options as a peer partner – in reality a stooge – whose decision they were unable to see. Before making a choice, they watched a video showing how other children from their partner's peer group had behaved; a majority chose the same option and a minority chose a different one. In a control condition, children watched the same video but could then retrieve the reward irrespective of their partner's choice (i.e., no coordination was necessary). Children followed the majority more often when coordination was required. Moreover, conformers mostly justified their choices by referring to the majority from the video demonstration. This study is the first to show that young children are able to strategically coordinate decisions with peers by conforming to the majority.