Dissertation Information for Richard D. Gonzalez
MPACT Status: Incomplete - Not_Inspected
Title: The impact of others' decisions
Abstract: "When making decisions we often infer the value of the alternatives from the behavior of others (e.g., we may infer that a new compact disk player is of high quality if several of our music loving friends recently bought it). In some domains, however, we fail to make such inferences. Stock trading is a case in point--investors often undervalue the significance of the behavior of those who are willing to trade. To test this claim, a simulated market was developed. Subjects made a series of portfolio re-allocations on the basis of reports they read. Subjects in the experimental conditions also saw the responses of another person. This person based their responses either on the same information as the subject (high redundant information) or on different but equally predictive information (low redundant information). In fact, the responses subjects observed were identical in both conditions. Note that, in this situation, the person who read the different report is more ""informative"" because they contribute nonredundant information.
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