When Experience Meets Description: How Dyads Integrate Experiential and Descriptive Information in Risky Decisions

• 成果类型: Article
• 署名作者: Lejarraga, Tomas; Muller-Trede, Johannes
• 署名单位: Max Planck Society; University of California System; University of California San Diego
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2016.2428
• 发表日期: 2017
• 页码: 1953-1971
• 关键词: decisions from experience; Group decisions; joint decisions; Decisions under risk; decisions under uncertainty; Information search; decision making; experiential learning

摘要

How do teams make joint decisions under risk when some team members learn about a prospect from description and others learn from experience? In a series of experiments, we find that two-person teams composed of one participant who learns from description and a second participant who learns from experience arrive at shared decisions via mutual concessions. In doing so, they attenuate individual biases, such as the overweighting and underweighting of the probability of rare events. The social interaction thus leads dyads to make shared decisions that follow normative standards more closely than the decisions made by individual decision makers. Finally, in processing experiential information, dyads appear to be sensitive to the reliability of the experience: the more reliable the experiential information, the larger its influence on the dyad's decision.