Are People in Groups More Farsighted than Individuals?

Bone, John and Hey, John D. and Suckling, John (2005) Are People in Groups More Farsighted than Individuals? [Working Paper]. p. 17. Discussion Papers in Economics (No. 2000/62). (Unpublished)

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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.

Item Type: Report / Paper (Working Paper)
Research documents and activity classification: Working Papers > Non-Refereed Working Papers / of national relevance only
Divisions: Department of Business and Management
Additional Information: Preliminary draft.
Uncontrolled Keywords: Planning, prediction, dynamic decision making, pairs, individuals
MIUR Scientific Area: Area 13 - Economics and Statistics > SECS-P/01 Political Economy
Deposited by: Maria Teresa Nistico
Date Deposited: 03 Dec 2010 18:47
Last Modified: 21 Apr 2015 23:13


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