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Are People in Groups More Farsighted than Individuals?

Author

Listed:
  • John Bone
  • John Hey
  • John Suckling

Abstract

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.

Suggested Citation

  • John Bone & John Hey & John Suckling, "undated". "Are People in Groups More Farsighted than Individuals?," Discussion Papers 05/06, Department of Economics, University of York.
  • Handle: RePEc:yor:yorken:05/06
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    More about this item

    Keywords

    Planning; prediction; dynamic decision making; pairs; individuals;

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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