Decision-makers use social information to update their preferences but choose for others as they do for themselves |
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| Authors: | John Michael Alina Gutoreva Michele H Lee Peng Ning Tan Eleanor M Bruce Marcell Székely Thobhani Ankush Hiroaki Sakaguchi Lukasz Walasek Elliot A Ludvig |
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| Institution: | 1. Department of Philosophy, University of Warwick, Coventry, UK;2. Department of Psychology, University of Warwick, Coventry, UK;3. Department of Psychology, University of Warwick, Coventry, UK
UTS Business School, University of Technology Sydney, Ultimo, NSW, Australia;4. Department of Cognitive Science, Central European University, Budapest, Hungary;5. WMG, University of Warwick, Coventry, UK |
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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. |
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| Keywords: | coordination decision making for others risk taking social distance social information |
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