On the consensus effect

• 成果类型: Article
• 署名作者: Dillenberger, David; Raymond, Collin
• 署名单位: University of Pennsylvania; Purdue University System; Purdue University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2019.07.002
• 发表日期: 2019
• 页码: 384-416
• 关键词: Aggregation of preferences; Choice shifts in groups; Consensus effect; non-expected utility; Quasi-convex preferences

摘要

Individuals often tend to conform to the choices of others in group decisions, compared to choices made in isolation. We show that this behavior - which we term the consensus effect - is equivalent to a well-known violation of expected utility, namely strict quasi-convexity of preferences, which is shared by many popular non-expected utility models. In contrast to the equilibrium outcome when individuals are expected utility maximizers, quasi-convexity of preferences imply that group decisions may fail to properly aggregate preferences and strictly Pareto-dominated equilibria may arise. (C) 2019 Elsevier Inc. All rights reserved.