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Related Concept Videos

Decision Making: Traditional Method01:14

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The process of hypothesis testing based on the traditional method includes calculating the critical value, testing the value of the test statistic using the sample data, and interpreting these values.
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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Are intertemporal preferences contagious? Evidence from collaborative decision making.

Michael T Bixter1, Elizabeth M Trimber2, Christian C Luhmann2

  • 1School of Psychology, Georgia Institute of Technology, Atlanta, GA, USA. mbixter3@gatech.edu.

Memory & Cognition
|March 8, 2017
PubMed
Summary
This summary is machine-generated.

Group decisions on delayed rewards align with member averages. Collaborative decision-making shifts individual preferences, showing convergence toward group norms after discussion.

Keywords:
CollaborationDecision makingIntertemporal preferencesSocial influence

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Area of Science:

  • Behavioral Economics
  • Social Psychology
  • Decision Science

Background:

  • Intertemporal preferences, or choices involving delayed rewards, are well-researched at the individual level.
  • Limited research exists on how groups make collective decisions regarding delayed rewards.

Purpose of the Study:

  • To investigate how small groups make collective intertemporal decisions.
  • To examine the relationship between individual and group intertemporal preferences.
  • To understand how collaboration influences individual preferences over time.

Main Methods:

  • A three-phase paradigm involving individual pre-collaboration decisions, group collaboration, and individual post-collaboration decisions.
  • Participants completed intertemporal decision tasks individually and in small groups.
  • Experiment 2 utilized both matching judgments and binary choices to assess preferences.

Main Results:

  • Group intertemporal preferences were systematically related to the average of individual pre-collaboration preferences.
  • Collaborative decision-making led to a convergence of individual post-collaboration preferences toward group preferences.
  • Post-collaboration preferences reflected a revision of initial preferences based on group input.

Conclusions:

  • Group intertemporal decision-making is influenced by the aggregation of individual preferences.
  • Social influence during collaboration modifies individual preferences, leading to preference convergence.
  • Individuals revise their intertemporal choices based on the expressed preferences of group members.