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© 2015 Eguíluz et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.

Abstract

Here we focus on the description of the mechanisms behind the process of information aggregation and decision making, a basic step to understand emergent phenomena in society, such as trends, information spreading or the wisdom of crowds. In many situations, agents choose between discrete options. We analyze experimental data on binary opinion choices in humans. The data consists of two separate experiments in which humans answer questions with a binary response, where one is correct and the other is incorrect. The questions are answered without and with information on the answers of some previous participants. We find that a Bayesian approach captures the probability of choosing one of the answers. The influence of peers is uncorrelated with the difficulty of the question. The data is inconsistent with Weber’s law, which states that the probability of choosing an option depends on the proportion of previous answers choosing that option and not on the total number of those answers. Last, the present Bayesian model fits reasonably well to the data as compared to some other previously proposed functions although the latter sometime perform slightly better than the Bayesian model. The asset of the present model is the simplicity and mechanistic explanation of the behavior.

Details

Title
Bayesian Decision Making in Human Collectives with Binary Choices
Author
Eguíluz, Víctor M; Masuda, Naoki; Fernández-Gracia, Juan
First page
e0121332
Section
Research Article
Publication year
2015
Publication date
Apr 2015
Publisher
Public Library of Science
e-ISSN
19326203
Source type
Scholarly Journal
Language of publication
English
ProQuest document ID
1673120008
Copyright
© 2015 Eguíluz et al. This is an open access article distributed under the terms of the Creative Commons Attribution License: http://creativecommons.org/licenses/by/4.0/ (the “License”), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.