Decision‐makers use social information to update their preferences but choose for others as they do for themselves

Michael, John; Gutoreva, Alina; Lee, Michele H.; Tan, Peng Ning; Bruce, Eleanor; Székely, Marcell; Thobhani, Ankush; Sakaguchi, Hiroaki; Walasek, Lukasz; Ludvig, Elliot Andrew

doi:10.1002/bdm.2163

Cited by 3 publications

(2 citation statements)

References 41 publications

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“…The similarity of risky choices in the personal and social experience conditions can be explained through partneraligned goals. Goal alignment happens when making decisions based on other's choices, which maximise personal utility or when there is small or no difference between personal and others' risk preferences manifested in choice (Baker, Saxe, & Tenenbaum, 2009;Michael et al, 2020;Shamay-Tsoory, 2019). Given that the partner's goals were identicalto receive as many points as possible in the final choice -both partners' risk preference was learnt in sampling, with the only difference in who was actively choosing (Baker et al, 2009).…”

Section: Discussionmentioning

confidence: 99%

“…The value of chosen options is dependent on individual risk preferences: the same risky choice made by others can be perceived as a gentle nudge for a risk-seeking observer or as a strong push for a risk-averse observer (Chung et al, 2015). In general, however, people use information about the choices of others similarly to information from their own risky decisions (Michael et al, 2020;Suzuki et al, 2012).…”

Section: Introductionmentioning

confidence: 99%

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Risky Decisions from Personal and Observed Experience

Gutoreva,

Ludvig

2024

Preprint

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People often learn about risks from other people. In the current study, we investigated the impact of social learning on risky decisions from experience by incorporating direct observational learning. Participants were placed in pairs – one participant observed the other participant sampling from different options, and then both made decisions based on this personal/observed experience. Participants tended to underweight rare outcomes less when learning from observed experience, particularly with high-value rare outcomes. This difference was not reliably significant, however, suggesting a subtle effect. The study discusses potential contributing factors such as active hypothesis testing, psychological distance, social environment, competitiveness, and goal alignment to explain the results. Overall, the findings contribute to understanding the dynamics of social learning in risky decision-making.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Risky Decisions from Personal and Observed Experience

Gutoreva,

Ludvig

2024

Preprint

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Breaking the right way: a closer look at how we dissolve commitments

Chennells

Michael

2022

Phenom Cogn Sci

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Joint action enables us to achieve our goals more efficiently than we otherwise could, and in many cases to achieve goals that we could not otherwise achieve at all. It also presents us with the challenge of determining when and to what extent we should rely on others to make their contributions. Interpersonal commitments can help with this challenge – namely by reducing uncertainty about our own and our partner’s future actions, particularly when tempting alternative options are available to one or more parties. How we know whether a commitment is in place need not, however, be based on an explicit, identifiable event; in many cases, joint action is stabilized by individuals’ experience of an implicit sense of commitment, which is sensitive to subtle situational cues such as the effort costs invested by one or more agents. While an emerging body of work has investigated the conditions under which a sense of commitment may emerge and/or be strengthened, little attention has been paid to the conditions under which people are comfortable dissolving commitments. Specifically, what are the factors that modulate people’s motivation and which determine whether circumstances merit the dissolution of a commitment? After evaluating and rejecting the answers to this question suggested by standard approaches to commitment, we develop a new approach. The core insight which we articulate and defend is that, when considering whether new information or changing circumstances merit the dissolution of a commitment, people virtually bargain with their partners, performing a simulation of a bargaining process with the other person, including imagining how the other will feel and act towards them, and what effect this will have on them. The output of this simulation is a consciously accessible, affective state which provides motivation either to dissolve the commitment or to persist in it. Overall, our account expands our understanding of the phenomenology of being motivated to act committed in joint activity, an area in which existing accounts of interpersonal commitment fall short.

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Do older adults make more risky decisions in the Hungry Donkey Task or in the Iowa Gambling Task?

Rosi

2022

Aging, Neuropsychology, and Cognition

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Decision‐makers use social information to update their preferences but choose for others as they do for themselves

Cited by 3 publications

References 41 publications

Risky Decisions from Personal and Observed Experience

Risky Decisions from Personal and Observed Experience

Breaking the right way: a closer look at how we dissolve commitments

Do older adults make more risky decisions in the Hungry Donkey Task or in the Iowa Gambling Task?

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