Literature DB >> 26424221

More heads choose better than one: Group decision making can eliminate probability matching.

Christin Schulze1,2, Ben R Newell3.   

Abstract

Probability matching is a robust and common failure to adhere to normative predictions in sequential decision making. We show that this choice anomaly is nearly eradicated by gathering individual decision makers into small groups and asking the groups to decide. The group choice advantage emerged both when participants generated responses for an entire sequence of choices without outcome feedback (Exp. 1a) and when participants made trial-by-trial predictions with outcome feedback after each decision (Exp. 1b). We show that the dramatic improvement observed in group settings stands in stark contrast to a complete lack of effective solitary deliberation. These findings suggest a crucial role of group discussion in alleviating the impact of hasty intuitive responses in tasks better suited to careful deliberation.

Entities:  

Keywords:  Group decision making; Probability matching; Rational choice theory

Mesh:

Year:  2016        PMID: 26424221     DOI: 10.3758/s13423-015-0949-6

Source DB:  PubMed          Journal:  Psychon Bull Rev        ISSN: 1069-9384


  11 in total

1.  Probability matching and strategy availability.

Authors:  Derek J Koehler; Greta James
Journal:  Mem Cognit       Date:  2010-09

2.  Are groups more rational than individuals? A review of interactive decision making in groups.

Authors:  Tamar Kugler; Edgar E Kausel; Martin G Kocher
Journal:  Wiley Interdiscip Rev Cogn Sci       Date:  2012-05-11

3.  Bayesian t tests for accepting and rejecting the null hypothesis.

Authors:  Jeffrey N Rouder; Paul L Speckman; Dongchu Sun; Richard D Morey; Geoffrey Iverson
Journal:  Psychon Bull Rev       Date:  2009-04

4.  Probability matching in choice under uncertainty: intuition versus deliberation.

Authors:  Derek J Koehler; Greta James
Journal:  Cognition       Date:  2009-08-06

5.  Banking on a bad bet. Probability matching in risky choice is linked to expectation generation.

Authors:  Greta James; Derek J Koehler
Journal:  Psychol Sci       Date:  2011-05-06

6.  Probability matching in risky choice: the interplay of feedback and strategy availability.

Authors:  Ben R Newell; Derek J Koehler; Greta James; Tim Rakow; Don van Ravenzwaaij
Journal:  Mem Cognit       Date:  2013-04

7.  Of matchers and maximizers: How competition shapes choice under risk and uncertainty.

Authors:  Christin Schulze; Don van Ravenzwaaij; Ben R Newell
Journal:  Cogn Psychol       Date:  2015-04-08       Impact factor: 3.468

8.  Is probability matching smart? Associations between probabilistic choices and cognitive ability.

Authors:  Keith E Stanovich
Journal:  Mem Cognit       Date:  2003-03

9.  The role of experience in decisions from description.

Authors:  Ben R Newell; Tim Rakow
Journal:  Psychon Bull Rev       Date:  2007-12

10.  A default Bayesian hypothesis test for correlations and partial correlations.

Authors:  Ruud Wetzels; Eric-Jan Wagenmakers
Journal:  Psychon Bull Rev       Date:  2012-12
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  1 in total

1.  Pre-screening workers to overcome bias amplification in online labour markets.

Authors:  Ans Vercammen; Alexandru Marcoci; Mark Burgman
Journal:  PLoS One       Date:  2021-03-23       Impact factor: 3.240

  1 in total

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